Zimbabwe Alloys Chrome: Three takeover bids on the table

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Zimbabwe Alloys Chrome, a ferrochrome producer declared insolvent last July, is evaluating three takeover bids, according to a person with knowledge of the matter. Zimbabwe Alloys, 85 percent owned by Benscore Investments, faced liquidation if it failed to find $40 million (R429m) for working capital and to refurbish three chrome smelting furnaces, said the person, who asked not to be identified because the company was under judicial management. The three bidders had been asked to provide details of the financing that would allow the Zimbabwe-based company to resume production, the person said. The bidding closed at the end of last month. Metmar owns 13.1 percent of the company, which controls up to 40 percent of Zimbabwe’s chrome reserves. – Bloomberg


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