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Global rival Traxys offers R294m for Metmar

CAPE TOWN: Metals trading and mining group Metmar, which has endured a few tough years on the JSE, is being wooed by a larger global rival. After market close on Friday, Luxembourg-based Traxys an R72bn a year metals marketing giant proposed buying out Metmar in a R294m transaction.

Traxys’ buyout bid is pitched at 110c per share. While this represents a sizeable premium to Metmar’s share price…