China Minmetals Corporation’s Minmetals Resources Co., Ltd. announced on the 4th that it has issued an offer of C$6.3 billion (approximately $6.5 billion) to the multinational copper company, Equinox Minerals Co., Ltd.
Equinox Minerals has headquarters in Canada and Australia. The purchase price offered by Minmetals Resources to Equinox Minerals Co., Ltd. is 7 Canadian dollars per share (about 7.2 US dollars), which is 5.71 Canadian dollars (about 5.9 US dollars per share) than the latter's closing at the 1st. ) The price is 23% higher. Affected by the Minmetals M&A news, the share price of Equinox Minerals Co., Ltd. closed at 7.55 Canadian dollars (about 7.8 US dollars) on the 4th, up 32.22%. Investors expect that Minmetals Resources may increase its offer accordingly.
Pursuant to the acquisition conditions proposed by Minmetals Resources, Equinox Minerals Co., Ltd. must abandon its purchase offer of Canadian Canadian Mining Company for 4.7 billion Canadian dollars (approximately US$4.86 billion). Affected by this, Lending Mining's share price fell to 8 Canadian dollars (about 8.3 US dollars) per share on the 4th closing, a decrease of 3.96%.
Equinox Minerals Co., Ltd. issued a brief statement on the 4th that the board of directors will soon hold a meeting to evaluate the offer and is expected to provide the latest relevant information in the coming days.
The announcement of the acquisition of Minmetals Resources has attracted close attention from the market. Some analysts pointed out that despite the abundant funds, Chinese companies still lack the right to acquire overseas mineral resources. Minmetals' acquisition of Equinox Minerals Co., Ltd. is to change this passive situation.
The quarterly metal research report released by Deutsche Bank Securities Co. said that the reconstruction project in Japan may begin in the second half of this year, when the demand for copper and zinc will increase significantly. The average price of copper this year is expected to be 4.61 US dollars per pound, and will rise to 5.22 dollars per pound next year.
Since Equinox Minerals Limited has headquarters in both Canada and Australia, after the company's board of directors approves the acquisition, the transaction requires the consent of regulatory authorities in both countries.
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