Mineral sands miner Iluka has announced that its £215-million takeover of Aim-listed Sierra Rutile could be delayed by three months as the German Antitrust Authority investigated the merger.
Iluka in August reached an agreement with Sierra Rutile to acquire al of its issues shares for 36p each. The merger received Sierra Rutile shareholder approval at the start of September, however, the German Anti Trust Authority has now advised the parties that it has referred the merger to a “phase 2” review, which could take up to three months to complete.
