The Botswana Competition Authority has approved the proposed acquisition of TSX-listed CIC Energy by India-based Jindal Steel and Power.

CIC Energy, which would be merged with Jindal Steel & Power subsidiary Jindal BVI, also secured shareholder approval for the C$116-million transaction.

The merger still required approval from Botswana’s Minerals, Energy and Water Resources Minister and was expected to close within the next two weeks.

The company noted that the holders of outstanding CIC shares would receive C$2 a share at a premium of 65% to the volume-weighted average trading price.
 

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