Market news.(Brief Article)
The takeover battle for diamond producer Ashton Mining Ltd of Australia was finally decided this week. De Beers stated its intention to withdraw its offer, noting that the Rio Tinto group had received acceptances totalling 51.89% of Ashton's issued shares. This blocks De Beers from gaining a controlling position. De Beers' bid is conditional on an acceptance level of at least 50.1%. As announced last week, Rio Tinto secured the bulk of its Ashton shares through its agreement with Malaysia Mining Corp. Berhad (MJ, November 10, p.369). Rio Tinto's offer of A$2.20/share in cash, or o
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