South32 offers $1.3bn for rest of Arizona

Diversified miner South32 has struck a $1.3-billion takeover deal with TSX-listed Arizona Mining, offering to acquire the remaining 83% interest in the company through an all-cash offer. South32 is offering Arizona shareholders C$6.20 a share for their interest in the TSX-listed miner, which represents a 50% premium to the company’s closing price on June 15, and implies a total value of C$1.6-billion for the company.