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Endeavour Mining's largest investor supports its takeover of Centamin

Reuters - UK Focus
Updated

LONDON, Dec 3 (Reuters) - Endeavour Mining's largest shareholder La Mancha Holdings said on Tuesday it supported Endeavour's $1.9 billion takeover proposal of Centamin and urged the boards to engage.

"We believe in the strategic rationale for this proposal and are fully supportive," La Mancha's billionaire chairman Naguib Sawiris said in a statement, adding Endeavour could add value in Egypt, where Centamin's sole mine is located.

Centamin earlier on Tuesday rejected the all-stock offer from the Toronto-listed Endeavour Mining, saying it did not offer enough value to Centamin shareholders. (Reporting by Zandi Shabalala and Jeff Lewis in Toronto. Editing by Jane Merriman)