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Minmetals extends offer cutoff
By Richard Fu |
November 24, 2011, Thursday
|
Print Edition
Print Edition
MINMETALS Resources has extended its C$1.3 billion (US$1.25 billion) offer for Congo-focused copper miner Anvil Mining by two weeks as talks continue between Anvil and a local partner on contractual arrangements.
The bid was extended to December 9 from today, when the offer was due to close, Hong Kong-listed Minmetals, the international unit of China's main metals trading group, said yesterday.
This came as Gecamines, a state-owned mining company in the Democratic Republic of Congo, seeks a review of the financial terms of its mining lease agreements with Anvil, prompted by the potential change of control involved in Minmetals' takeover.
Anvil, whose shares are listed in Toronto and Sydney, said last month that the takeover deal may not be completed if talks with Gecamines fail to progress.
Minmetals' friendly takeover offer has won the backing of Anvil's board and a major shareholder, and analysts have also said the valuation is compelling and unlikely to be trumped.
Anvil's flagship asset, the Kinsevere mine in the Congo, will add 60,000 tons annually of copper cathode, increasing Minmetals' copper output by about 60 percent, according to Minmetals.
The bid was extended to December 9 from today, when the offer was due to close, Hong Kong-listed Minmetals, the international unit of China's main metals trading group, said yesterday.
This came as Gecamines, a state-owned mining company in the Democratic Republic of Congo, seeks a review of the financial terms of its mining lease agreements with Anvil, prompted by the potential change of control involved in Minmetals' takeover.
Anvil, whose shares are listed in Toronto and Sydney, said last month that the takeover deal may not be completed if talks with Gecamines fail to progress.
Minmetals' friendly takeover offer has won the backing of Anvil's board and a major shareholder, and analysts have also said the valuation is compelling and unlikely to be trumped.
Anvil's flagship asset, the Kinsevere mine in the Congo, will add 60,000 tons annually of copper cathode, increasing Minmetals' copper output by about 60 percent, according to Minmetals.
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