World Business Briefing | Americas: Canada: Bidding for Mining Concern
Oxbow Carbon and Minerals Holdings raised its offer for the Great Lakes Carbon Income Fund to about 657 million Canadian dollars ($562 million), topping a higher bid from Rain Commodities and extending a bidding war for Great Lakes, a producer of carbon used to make aluminum. Oxbow raised its bid to 13.50 Canadian dollars a share for Great Lakes Carbon, which was above Rain?s bid of 13.25 Canadian dollars a share, Oxbow said. Oxbow, a unit of the privately held energy company Oxbow Group, bid 13 Canadian dollars a share on Wednesday. Oxbow is based in West Palm Beach, Fla., and Rain Commodities is based in India. Shares in Great Lakes Carbon trade on the Toronto Stock Exchange.