PRESS RELEASE
Champion Iron to launch bid to acquire all outstanding shares in Rana Gruber -
Aims to create a global, high-grade iron ore producer
Mo i Rana, 21 December 2025: Reference is made to today's announcement by Rana
Gruber ASA, Champion Iron Limited and Drakkar Bidco AS. Champion Iron Limited,
an iron ore producer with operations in Canada and a global leader of
high-quality iron ore production - dual listed on the Australian stock exchange
and Toronto stock exchange - today entered into an agreement with Rana Gruber in
respect of a conditional voluntary offer for all outstanding shares in Rana
Gruber. Through the acquisition, Rana Gruber gets a long-term, industrial, and
strategic owner.
"Rana Gruber has evolved through many phases over more than 60 years, most
recently with our ambition to reach high-grade iron ore production quality.
Champion Iron's offer confirms the strength of our strategy and the progress we
have made in improving product quality over time. Champion Iron is one of the
most successful producers of high-quality products for the steel industry, and
we share the same strategy, values, and culture. I am confident that this will
strengthen Rana Gruber's future and secure local jobs for decades to come," said
Gunnar Moe, CEO of Rana Gruber.
The offer values the company at approximately NOK 2.93 billion, and the Board of
Directors of Rana Gruber has unanimously recommended that shareholders accept
the offer. The offer has received support from multiple large shareholders of
Rana Gruber.
Supported by the board of directors and large shareholders
Rana Gruber is Norway's only iron ore producer, located in Mo i Rana and listed
on Euronext Oslo. After years of continued product improvements and higher iron
content, the company recently launched its new strategic ambition of lifting the
iron content to 67 percent. The ambition reflects its high-quality resources,
production excellence, and commitment to lowering the carbon footprint of the
steel industry.
On the terms and conditions of the transaction agreement, shareholders will
receive NOK 79 per share, valuing the company at approximately NOK 2.93 billion.
This represents a premium of 17.4% compared to the volume-weighted average share
price for the last 20 days. The Board of Directors of Rana Gruber has
unanimously recommended that shareholders accept the offer.
Multiple large shareholders, as well as all members of the board and executive
management who own shares, in total representing approximately 51% of the
company's share capital, have undertaken to accept the offer through
pre-acceptances.
The offer will be subject to customary launch and closing conditions being
satisfied. For a more detailed description of the terms and conditions of the
offer, please refer to the separate stock exchange announcement published today
at 21:00.
A positive force in the local community
The acquisition represents a significant milestone for both companies and the
community in Mo i Rana. Champion Iron shares Rana Gruber's strategy, values, and
culture, and has expressed its clear intention to maintain Rana Gruber as a
standalone entity under its existing name and identity. Business operations will
continue as usual, and all employees will remain in their current roles,
ensuring continuity and stability for customers, partners, and the local
community.
"We are pleased that Champion Iron recognizes the importance of our heritage and
our role in Mo i Rana. This is not just an acquisition