The tycoons cross swords over the acquisition of a gold mining company

AIM-listed Metals Exploration is set to launch a hostile takeover of rival Condor Gold, the Mail can reveal.

The showdown involves two of Britain’s best-known tycoons, with property magnate Nick Candy and Jim Mellon, who made his fortune managing funds, facing off over listed gold miners.

Last week, Metals Exploration agreed to buy Condor for around £90m but despite this, days later Condor was thought to have been promoting itself to other potential buyers.

This upset the management of Metals Exploration, which is now willing to approach Condor’s investors directly to close the deal.

Candy is the majority shareholder of Metals Exploration with a 38 percent stake, while Mellon owns 26 percent of Condor.

The fight pits two of Britain’s most colorful businessmen against each other.

Candy made his fortune with his brother Christian, redeveloping areas of west London. Three years ago she was in talks with Matt Molding to take over his beauty and nutrition company THG.

Likewise, Mellon is one of the richest people in Britain. His wealth is estimated at £850 million and he has been described as Britain’s Warren Buffett.

He made his money by investing in emerging markets, especially Russia.

Metals Exploration operates in the Philippines and its shares have more than doubled in the last year. Condor Gold is smaller and owns the 2.3 million ounce La India Project in Nicaragua.

The standoff is the latest hostile takeover in the city.

Nat Rothschild’s Volex is in the midst of a hostile takeover of TT Electronics, while Aviva has said it is willing to do the same with Direct Line.

Hostile takeovers had become a thing of the past even though they were all the rage in the 1980s and 1990s in London, when there was more appetite for risk.

One banker told the Mail: “Back then it was all booze-filled lunches, shoulder pads and testosterone. Nobody listened to the lawyers or the public relations department. Looks like the glory days might be back.”