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Sierra Rutile /Iluka merger cleared by German authorities

Published: 02:21 22 Nov 2016 AEDT

picture of jet fighter
Lift off for Iluka's bid for Sierra

Sierra Rutile’s (LON:SRX) proposed merger with Aussie firm Iluka is set to complete by the end of the month after German competition authorities gave the all-clear.

The Germans started their investigation early September.

The 36p per share cash offer from Iluka Resources values Sierra Rutile at £215mln and had been agreed by the board and a majority of shareholders.

Sierra Rutile added it expects dealings in its shares on AIM to be suspended on 28 November.

Shares rose 5% to 33.5p.

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