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Fresnillo drops MAG takeover

MEXICO'S Fresnillo Plc, the world's largest primary silver producer, has abandoned a hostile takeover offer worth US$179 million for MAG Silver.

London-listed Fresnillo said yesterday it dropped the bid due to long delays in Canada's MAG supervising the completion of an independent valuation.

Fresnillo announced on December 1 its intention to make a cash bid for the 80.2 percent of MAG it does not already own.

"It has not been possible to conclude the independent valuation of MAG required under applicable Canadian securities laws in order to permit the offer to proceed and it is not clear to Fresnillo when or if this will happen," a statement said.

Fresnillo, which had previously said MAG Silver was using delaying tactics, said on May 15 it was asking Canadian authorities to set a three-week deadline for the completion of the valuation.

MAG's main asset is a 44 percent stake in the Juanicipio property and a joint venture with Fresnillo. Juanicipio is in north central Mexico.


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