June 17, 2018 / 10:55 PM / a month ago

Australia's South32 to buy 83 pct stake in Arizona Mining for $1.3 bln

June 18 (Reuters) - Australia's South32 Ltd on Monday said it would acquire the remaining 83 percent of Toronto listed company Arizona Mining for $1.3 billion in cash.

The offer is for a price of C$6.20 ($4.70) per share, and directors of Arizona Mining unanimously recommend voting in favour of the transaction, South32 said in a statement.

$1 = 1.3199 Canadian dollars Reporting by Susan Mathew in Bengaluru; Editing by Daniel Wallis

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