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. Last Updated: 07/27/2016

De Beers Bids $306.7M

MELBOURNE, Australia -- South African diamond giant De Beers launched a 522 million Australian-dollar ($306.7 million) hostile takeover offer for Ashton Mining Ltd. on Monday in a bid to expand into Australia.

A successful bid would give De Beers a 40.1 percent stake in the Argyle diamond mine, Australia's largest, and reflects a new focus on foreign acquisitions as part of an overhaul of the world diamond king. Ashton said the 1.62 Australian dollars (95 cents) a share offer was too low and urged shareholders not to sell.