Australia's Discovery Metals receives Chinese takeover offer

MELBOURNE, Oct 4 (Reuters) - Australia's Discovery Metals

has received a takeover offer worth A$830 million ($847 million) from China's Cathay Fortune Corp (CFC), the company said on Thursday.

The proposal is for a joint venture that would be 75 percent owned by CFC and 25 percent owned by China-Africa Development Fund. The offer was for A$1.70 a share in cash.

Discovery last traded at A$1.46 before being placed in a trading halt. ($1 = 0.9795 Australian dollars)

(Reporting by Miranda Maxwell; Editing by John Mair)

(( 9286 1464))