Tycoons clash in hostile takeover bid for Condor Gold

In the United Kingdom, two prominent businessmen are embroiled in a dispute over a potential takeover in the mining sector. Nick Candy, a property magnate and majority shareholder in Metals Exploration, is at odds with Jim Mellon, who owns a significant share of rival company Condor Gold. Metals Exploration recently agreed to purchase Condor Gold for approximately £90 million, but the deal has faced challenges as Condor sought other potential buyers shortly after the agreement. This move frustrated the management of Metals Exploration, leading them to consider directly contacting Condor's investors to persuade them to approve the takeover. The rivalry highlights the competitive nature of the business environment, particularly in the mining industry, which has been experiencing a resurgence in mergers and acquisitions. The tension between Candy and Mellon not only reflects individual ambitions but also underscores the broader trend of hostile takeovers returning to the London market. Both businessmen have established reputations and significant wealth, with Candy noted for redeveloping west London, while Mellon is known for his investments in emerging markets, particularly in Russia. The situation signals a possible reinvigoration of hostile takeover attempts that had diminished in recent years, as quoted by an industry banker who reminisced about the previous decades filled with aggressive acquisition tactics.