Billionaire Ukrainian financier Gennadiy Bogolyubov has entered the fray for Consolidated Minerals with a £367.5 million bid.

Bogolyubov is offering the equivalent of 167p a share for AIM-quoted ConsMins, the Australian manganese producer. The company has already attracted (lower) bids from Pallinghurst, a vehicle headed by top mining industry veteran Brian Gilbertson, and Down Under-quoted Territory Resources, headed by Michael Kiernan, ConsMins’ ousted former boss.

Bogolyubov, part-owner of Eastern European investment bank Privat, has had past dealings with both Gilbertson, ex-head of the world’s biggest mining company, BHP Billiton, and Kiernan. The Privat metal group’s support was a factor in Territory’s bid and Kiernan has now suggested a joint venture.

It is argued that the authorities in Kiev and Moscow are taking a keen interest in these events. At 160p, well up on our recommendation last autumn, ConsMins’ shares look worth holding.

Consolidated Minerals	AIM	0pm	p	p
Click here for interactive charting
Other company articles:
Palmary ups ConsMins bid			14/11/2007
ConsMins backs Palmary bid			18/10/2007
Suitor ups ConsMins bid			12/10/2007
Exploration Insights			05/10/2007
ConsMins welcomes better offer			06/09/2007