O'Reilly sells Arcon in discount deal

TONY O'REILLY is to sell off mining company Arcon for a discount price of e48 million and a 14% stake in the Lundin Mining Corporation listed on the Toronto and Stockholm stock exchanges.

It is expected the deal will bring in €31.3m in cash for Mr O'Reilly, who holds 65.17% of Arcon and will give him a personal stake of close to 9% in Lundin, which will take over the massive Galmoy zinc mine in Co Kilkenny when the deal is complete.

The sell-off of the company will remove Arcon from the Irish Stock Exchange and give ordinary shareholders a mixture of cash and shares in the new enlarged Canadian firm.