Arrangement Between IGO, Western Areas is Effective

IGO Ltd. has received approvals from Western Areas Ltd. shareholders and the Supreme Court of Western Australia and the lodgement of the orders with the Australian Securities and Investment Commission (ASIC) for IGO to acquire 100% of Western Areas.

IGO has been working closely with Western Areas to integrate the two businesses. The trading of Western Area shares was suspended at the end of business on June 8 and the scheme was expected to be implemented on June 20.

“The acquisition of Western Areas represents a logical consolidation of key nickel assets in Western Australia and enhances IGO’s position as a leading, independent producer of metals critical for a clean energy future,” IGO Managing Director and CEO Peter Bradford said. “We are looking forward to unlocking unique synergies across the combined nickel portfolio comprised of Nova, Forrestania and Cosmos, as well as the immediate commencement of the downstream nickel sulphate feasibility studies.”

Western Areas agreed to the revised takeover offer from IGO that valued the nickel producer at A$1.26 billion ($939 million) back in April. The offer of A$3.87 for every Western Areas share was 15.2% higher than the prior offer.

As featured in Womp 2022 Vol 07 -