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First Quantum may extend bid for Inmet by a few days

Steel News - Published on Sun, 03 Mar 2013

Reuters reported that First Quantum Minerals Limited may extend its hostile CAD 5.1 billion bid for rival base metal miner Inmet Mining Corporation by a few days.

Mr Clive Newall president of First Quantum said that \"There are a number of regulatory hurdles to go over and we hope they\'ll all be done but we may need to extend slightly.

Last month, Inmet asked its shareholders to reject First Quantum\'s bid, calling it inadequate. The company said it was in talks with third parties for alternative deals. The implied value of the bid had fallen to CAD 66.35 per share as of Monday\'s close.

The bid, however already has the support of Inmet\'s largest shareholder, Leucadia National Corporation which according to the latest Thomson Reuters data has a stake of roughly 16%.

Mr Newall said that \"This vision of creating the new global company is certainly shared by their largest shareholder. And what we\'re seeking here, and have been for the last few weeks is to try and persuade all Inmet shareholders to share this vision.\"

Source - Reuters

(www.steelguru.com)

Posted By : admin on Sun, 03 Mar 2013
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