Minmetals cuts size of follow-on by almost 40%

The Chinese commodities trader, which is in the process of transforming into a diversified upstream metals group, is able to raise $500 million after relaunching the deal at a 13.4% discount.
<div class="ArticleImageCaption" style="text-align: left;">Minmetals' Beijing HQ</div>
<div class="ArticleImageCaption" style="text-align: left;">Minmetals' Beijing HQ</div>
April 20, 2011

After almost 24 hours in the market, Hong Kong-listed Minmetals Resources yesterday afternoon relaunched its follow-on offering at a significantly smaller size, in a move that sources said reflected a reduction in investor risk appetite.

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