Vares project. Early works. (Image courtesy of Adriatic Metals.)
Canada’s Dundee Precious Metals (TSX: DPM) is acquiring UK-based Adriatic Metals (LON: ADT1) in a cash-and-stock deal worth $1.25 billion, marking the latest in a wave of foreign takeovers targeting British companies.
The deal gives Dundee control of Adriatic’s flagship Vareš silver-zinc mine in central Bosnia, along with the Raška zinc-silver project in Serbia. Already active in the Balkans, Dundee sees the new assets as a strategic fit that will expand its production pipeline and diversify cash flow.
“The Vareš is a logical fit with our portfolio, and adds near-term production growth and mine life, a highly prospective land package, and cash flow diversification,” chief executive officer David Rae said.
Adriatic shareholders will receive 268 pence per share, made up of 93 pence in cash and 0.1590 new Dundee shares. The…
