Minmetals plans $6.5 billion copper acquisition

Minmetals announces plans to launch a takeover of Equinox Minerals to gain control of copper mines in Zambia and Saudi Arabia, in the largest hostile bid by a Chinese company to date.
Work continues at Equinox's Lumwana mine in Zambia.
Work continues at Equinox's Lumwana mine in Zambia.

China reaffirmed its ambition to become a global player in the natural resources industry this week when state-owned Minmetals Resources revealed plans for a C$6.3 billion $6.5 billion offer for Equinox Minerals. Minmetals is interested in Equinox for the copper mines it owns in Zambia and Saudi Arabia.

The planned deal, which Minmetals announced on Monday, received a fillip yesterday when Australia’s Foreign Investment and Review Board FIRB indicated that it had no objection to Minmetals buying Equinox. The deal is also subject to regulatory approvals in Canada, but specialists say that it would be hard for the Canadians to reject the deal as Equinox has no underlying assets based...

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