Saudis take over Bemax

SAUDI Arabia’s National Titanium Dioxide Company today announced its wholly-owned Australian subsidiary, Cristal Australia, has acquired a 92.88% stake in mineral sands producer Bemax Resources.

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Cristal’s offer of 32c per share is unconditional and the company intends to proceed with the compulsory acquisition of the remaining Bemax shares when the offer closes on July 18.

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