First Quantum Offers $5.2 Billion for Inmet Mining |
| New York Times - Dec 17, 2012 |
The mining company First Quantum Minerals has begun an improved takeover offer of 5.1 billion Canadian dollars, or $5.2 billion, for a rival, Inmet Mining, in its latest effort to buy the copper producer.
First Quantum, which operates mines from Australia to Zambia, said late on Sunday that it had offered Inmet Mining’s shareholders a cash-and-stock deal valued at a $72.87 for each share in the Canadian miner.
The renewed bid for Inmet Mining represents a slight increase from a previously rejected $70.85-a-share takeover approach for the copper producer, and a 36 percent premium on the mining company’s closing share price before it rejected First Quantun’s initial advances.
Inmet Mining’s board had rebuffed an earlier offer in late November valued at $63.26 a share.
The proposed deal follows the announcement of the $32 billion takeover by the commodities trader Glencore for the mining giant Xstrata. Despite concerns that a downturn in Asian economies could hurt short-term demand, companies are seeking to gain access to metals and minerals in expectation that fast-growing economies will soon rebound.
Read Full Article from New York Times
- Posted: 2012-12-17 12:43:24
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