Johannesburg - Gold One International Ltd. rose the most since July in Johannesburg as BCX Gold Investment Holdings Ltd. plans to buy shares it doesn’t already own in the company.
Gold One advanced as much as 47 percent, the biggest gain since July 23.
BCX Gold gave notice of a compulsory acquisition at 30 Australian cents a share (27 US cents), according to a statement on the Johannesburg stock exchange.
That’s a premium to the closing price on Friday of 1.77 rand (17 US cents).
Gold One, based in Sydney, rose 38 percent to 2.44 rand by 12:16 p.m. in Johannesburg, valuing it at 3.5 billion rand.
Shareholders of Gold One were told July 22 that BCX raised its holding to 90 percent from 88.8 percent, giving it the right to acquire the remaining shares, according to the statement.
The shareholders of the company have the right to object, with the result of that process expected on about January 15. - Bloomberg News