La Mancha Resources acquired for $492 million

La Mancha Resources (TSX: LMA) announced Friday that it has entered into an agreement with Weather Investments II S.à.r.l. to purchase all outstanding common shares of La Mancha by way of a take-over bid at a price of $3.50 per share in cash.  Weather II is one of the many successful businesses managed by Mr. Naguib Sawiris. The wider Sawiris Family of Egypt have substantial indirect interests in existing operations in the telecommunications, construction and fertilizers, cement, real estate and hotel development industries. As quoted in the press release:

Dominique Delorme, President and CEO commented, “We are glad to announce a transaction that should benefit all of La Mancha’s stakeholders. While offering a significant premium to our shareholders, this transaction will enable the La Mancha team to pursue the development of its projects with its partners in Sudan, Côte d’Ivoire and Australia with the support of a strong financial partner.  We are delighted by the show of confidence expressed by Weather II through this transaction and are looking forward to put our operating and development expertise at their service”.

Click here to read the full press release