Financial Wire

Champion Iron Completes Acquisition of Norwegian Iron Ore Producer

-- Champion Iron (ASX:CIA) completed its voluntary cash tender offer to acquire all of the issued and outstanding shares of Norway-based iron ore producer, Rana Gruber, at 79 Norwegian kroner each in cash, according to a Monday Australian bourse filing.

Acceptances of the offer were received from a total of 34.3 million shares held by Rana Gruber's shareholders, representing 92.48% of issued and outstanding shares, the filing said.

Champion plans to carry out a compulsory acquisition of the remaining shares of Rana Gruber in accordance with applicable Norwegian securities laws after the completion, per the filing. It also plans to take steps to delist Rana Gruber's shares from the Euronext Oslo Bors.

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