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)
((Miranda.Maxwell@thomsonreuters.com)(+613 9286 1464))
Keywords: DISCOVERY CFC/TAKEOVER