On April 10, 2026, Champion Iron Limited (TSX/ASX: CIA), an Australian corporation operating the Bloom Lake iron ore project in Quebec, completed its voluntary cash tender offer to acquire all of the shares of Rana Gruber ASA (RANA.OL), a leading Norwegian producer of high-purity iron ore, at a price of NOK 79 per share, representing in aggregate approximately US$300 million.
Acceptances of the offer were received from a total of 34,297,377 shares, representing 92.48% of the issued and outstanding share capital and voting rights of Rana Gruber. Following completion, Champion intends to proceed with a compulsory acquisition of the remaining shares and delist Rana Gruber from Euronext Oslo Børs.
The transaction was funded through a combination of cash on hand, a US$100 million subscription receipts private placement with the Caisse de dépôt et placement du Québec (La Caisse), and a fully committed US$150 million term loan underwritten by Scotiabank. The deal broadens Champion’s product portfolio with access to new high-purity hematite and magnetite concentrate blends, while Rana Gruber’s proximity to key European customers complements Champion’s Bloom Lake operations and supports sales diversification.
Stikeman Elliott LLP acted as lead counsel to Champion Iron with a team that included David Massé, Amélie Métivier, Jules Dumas-Richard, Alexandre Di Pisa, Michelle Poupart, and Chrystophe Simard (M&A and Capital Markets); Franco Gadoury, Jean-Guillaume Shooner, and Jinnie Liu (Tax); Maxime Jacquin and Luke Sinclair (Banking); Charif El-Khouri (Employment); and Myriam Fortin (Environment). Advokatfirmaet BAHR AS, Ashurst LLP, and McCarthy Tétrault LLP also acted as legal advisors to Champion.