en.Wedoany.com Reported - On April 10-11, 2026, Canadian Champion Iron Limited announced the completion of a voluntary cash tender offer for Norway's high-purity iron ore producer, Rana Gruber ASA. Champion Iron acquired 92.48% of Rana Gruber's issued shares at a price of NOK 79 per share, corresponding to 34,297,377 accepted shares, with a total transaction value of approximately $300 million.
David Cataford, CEO of Champion Iron, stated that this transaction strengthens the company's position as a supplier of high-purity iron ore with a low carbon footprint. Rana Gruber's proximity to European customers complements Champion Iron's high-purity products from its Bloom Lake mine and its direct reduction pellet feed project. Gunnar Moe, CEO of Rana Gruber, said that the assets of the two companies are complementary and their visions aligned, and together they will enhance their position in the iron ore market.
Headquartered in Canada, Champion Iron operates the Bloom Lake mining complex through its wholly-owned subsidiary Quebec Iron Ore Inc., located approximately 13 km north of Fermont, Quebec. Bloom Lake is an open-pit mine with two processing plants and a combined nameplate capacity of 15 million wet metric tons per year. It produces high-purity iron ore concentrate with low impurities and an iron grade of 66.2%, and has proven capability to produce direct reduction-grade iron ore concentrate with an iron grade of 67.5%. Rana Gruber, founded in 1964 and headquartered in Mo i Rana, Nordland County, Norway, was listed on the Oslo Stock Exchange in 2021. Its mining operations include underground and open-pit mining, producing over 1.8 million tons of high-purity iron ore in 2025. Its products include hematite iron concentrate (upgraded to 65% iron grade) and magnetite specialty products for water purification and industrial chemical applications, the latter commanding a premium relative to the Platts IODEX 65% Fe CFR China index.
Following the completion of the transaction, Champion Iron plans to compulsorily acquire the remaining shares in accordance with Norwegian securities law and to delist Rana Gruber from the Oslo Euronext exchange. The transaction was funded by available cash, the net proceeds from a $100 million private equity placement with La Caisse de dépôt et placement du Québec, and a newly established $150 million secured term loan. The term loan was underwritten exclusively by Scotiabank, with participation from Société Générale and others. Clarksons Securities AS acted as financial advisor, with several law firms providing legal counsel. This transaction provides Champion Iron with long-life mining assets in a stable jurisdiction, access to renewable energy, and expands its portfolio of high-purity iron ore products.
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