Minmetals bids for copper producer
By Richard Fu |
October 1, 2011, Saturday
|
Print Edition
Print Edition
MINMETALS Resources Ltd has launched a C$1.3 billion (US$1.24 billion) bid to buy Congo-focused copper producer Anvil Mining Ltd, as Chinese miners continue to increase their overseas presence.
Hong Kong-listed Minmetals yesterday said it would offer C$8 per share for Anvil in a friendly takeover that has won recommendation from Anvil's board and major shareholder, Trafigura Beheer BV, an international commodities trading company.
The offer represents a 39 percent premium over Thursday's closing price of Anvil's Toronto-listed shares.
"The valuation is compelling and unlikely to be trumped," analysts at Foster Stockbroking wrote in a note to its top investors.
Anvil's flagship asset, the Kinsevere mine in the Democratic Republic of Congo, will add 60,000 tons annually of copper cathode, increasing Minmetals' copper output by about 60 percent, according to Minmetals.
The deal needs approval from Australia's Foreign Investment Review Board due to Anvil's interest in Australian companies. Anvil's shares are also listed in Sydney.
Hong Kong-listed Minmetals yesterday said it would offer C$8 per share for Anvil in a friendly takeover that has won recommendation from Anvil's board and major shareholder, Trafigura Beheer BV, an international commodities trading company.
The offer represents a 39 percent premium over Thursday's closing price of Anvil's Toronto-listed shares.
"The valuation is compelling and unlikely to be trumped," analysts at Foster Stockbroking wrote in a note to its top investors.
Anvil's flagship asset, the Kinsevere mine in the Democratic Republic of Congo, will add 60,000 tons annually of copper cathode, increasing Minmetals' copper output by about 60 percent, according to Minmetals.
The deal needs approval from Australia's Foreign Investment Review Board due to Anvil's interest in Australian companies. Anvil's shares are also listed in Sydney.
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