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Why M&A arb funds are sitting out ‘the trade of the year’

Sierra Rutile has caught the eye of London’s ‘most daring emerging markets fund’, a Sierra Leone mining contractor and a global commodities trader.

Jemima Whyte
Jemima WhyteSenior reporter
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One investor describes it as the M&A arbitrage trade of the year, except for the fact hedge funds are noticeably absent.

Sierra Rutile, spun out of Iluka Resources in 2022, has attracted three takeover bids from three wildly different suitors in the past five months.

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Jemima Whyte writes on business, specialising in companies, capital markets and innovation. Jemima has reported on business for The Australian Financial Review for more than 13 years. Email Jemima at jemima.whyte@afr.com
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    Original URL: https://www.afr.com/companies/mining/why-m-and-a-arb-funds-are-sitting-out-the-trade-of-the-year-20240723-p5jvus