February 14, 2020 / 12:24 PM / 5 days ago

Sirius Minerals fails to find financial support, recommends Anglo bid

Feb 14 (Reuters) - Sirius Minerals said on Friday talks with a consortium of financial investors on an alternate debt financing proposal to raise $680 million has fallen through, putting the company at the risk of going under administration or liquidation.

“The board confirms that the company has not been able to secure an institutional anchor investor willing to provide sufficient support for the alternative proposal which was part of the consortium’s requirements,” Sirius said in a statement.

The fertilizer company also urged its shareholders to vote in favour of Anglo American’s proposal to buy Sirius, as the move to find bank financing to complete its North Yorkshire polyhalite mine, Britain’s biggest mining project, failed.

Anglo American earlier this year agreed to buy Sirius for 404.9 million pounds ($527.6 million at current exchange rates) in cash. ($1 = 0.77 pounds) (Reporting by Shanima A in Bengaluru; Editing by Maju Samuel)

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