Arrium’s Moly-Cop float looking more likely

Image: http://www.molycop.com

It is looking increasingly likely that Moly-Cop will list on the ASX rather than be separated from Arrium through a trade sale, according to a report.

The Australian reports today that interested buyers – mostly private equity firms – are increasingly despondent about purchasing the Arrium subsidiary, which makes mining consumables.

The sale is being handled by Deutsche Bank, and interest has reportedly come from the same private equity firms that were keen to buy the business during a failed sale attempt last year.

Since then, Moly-Cop’s revenues have fallen about 30 per cent.

There is a separate sale process underway for the remainder of Arrium, which includes the loss-making Whyalla steelworks and is known as Arrium Australia.

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