Wyloo Metals has come a step closer to gaining full control of Mincor after IGO sold its shares in the target to the Andrew Forrest-owned suitor.
IGO held a 7 per cent stake in Mincor and it takes Wyloo’s holding to nearly 70 per cent in its target.
Expectations are that indexed funds will also sell into the deal, taking Wyloo a step closer to being able to delist Mincor.
Once a bidder has amassed 90 per cent of the stock in a takeover situation, the target is automatically delisted.
Wyloo launched a $752m takeover bid for the nickel miner earlier this year at $1.40 per share.
Working for Wyloo is Bank of America, while Mincor is advised by Barrenjoey and Sternship Advisers.
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