DLA Phillips Fox advises Cristal on $301.5M takeover offer for Bemax

DLA Phillips Fox is advising the Saudi-based bidder, The National Titanium Dioxide Company (Cristal) on its all cash off-market takeover offer for all of the shares in Bemax Resources Limited that it does not already hold.

The offer values Bemax's ordinary equity at approximately $301.5 million.

Cristal is the world's second largest producer and supplier of titanium oxide and is based in Saudi Arabia with operations in other countries including the UK, Europe, US, South America and West Australia.

Bemax Resources Limited is one of Australia’s premier mineral sands companies and is headquartered in Brisbane. In 2006 Bemax was the largest producer of Leucoxene, the sixth largest producer of Rutile and the seventh largest producer of Zircon globally.

The DLA Phillips Fox deal team comprised Eugene Fung, lead partner and lawyers Paul Jardine and Jamie Kerr.

The offer period is expected to commence on 3 June and close, unless extended on 4 July 2008.

Cristal intends to use Bemax increasingly to supply feedstock to its existing Millenium operations in Western Australia. This will enable value adding of minerals in Australia before export to overseas customers. 

"This is a strategically important deal for Cristal's Australian business. It will secure feedstock supply to Cristal's Western Australian operations and is part of Cristal’s global strategy to invest in related operations within its value chain", Fung said.

For more information contact:

Eugene Fung, Partner
T +61 7 3246 4048
eugene.fung@dlaphillipsfox.com

Clare Buttner, Media Relations Consultant
T +61 2 9286 8400
clare.buttner@dlaphillipsfox.com