Consmin looks to reorganize with Gilbertson (February 23, 2007)

Former BHP Billiton (BHP-N, BHP-A, BLT-L) chief executive Brian Gilbertson and the low-profile Swiss-based coal house AMCI have made a joint bid to finance Consolidated Minerals (CNM-A, CNM-L).

Under the deal existing Consmin shareholders get A$1.38 and two shares in the new company for every five shares they tender. Gilbertson’s group, Pallinghurst Resources Fund, and AMCI would own 60% of the new company and Consmin shareholders 40%.

Consmin management would stay in place and Gilbertson, AMCI’s Hans Mende, and Gilbertson associate Arne Frandsen would join the board of the new company.