Minmet has made a formal bid for the 34.5 per cent of shares in Connary Minerals which it does not already own. It has offered shareholders two of its new shares for every three Connary shares. This values the 34.5 per cent stake in Connary at about £4.7 million. The company said it had already received irrevocable undertakings for 10.66 per cent of the remainder of Connary shares, bringing Minmet's shareholding to 75.92 per cent.