Lundin has been exploring its options ever since a planned friendly merger with inmet mining fell through and equinox minerals ltd. Oct 07, 2015 profiles the ten biggest mining company takeoversacquisitions completed in the last ten years, based on deal value. Hostile takeover and millions of other books are available for amazon kindle. Mar 21, 2011 canadas lundin mining has rejected a hostile takeover bid from equinox minerals, saying the bid is risky and inadequate. Inmet rejects first quantums takeover bid financial times.
Now in an omnibus edition, the hostile takeover trilogy introduces a planet. First quantum goes hostile on inmet financial times. Lundin mining rejects equinox minerals hostile takeover offer. The allstock deal, announced wednesday night, combines inmets flagship assets in spain and panama with lundins in western europe and. It has enormous influence on canadas political and business elite. The clearly superior premium we are offering over the nilpremium merger with inmet represents an offer that should provide a platform for the successful combination of our two businesses. Imn is a canadian mining corporation that produces copper, zinc and gold. First quantum completes inmet takeover financier worldwide.
First quantum to hold meetings to pitch inmet vancouver first quantum minerals ltd. Jan 22, 20 inmets board has rejected a hostile takeover approach from first quantum, the torontolisted copper miner, arguing the offer is financially inadequate and timed to deprive its. To inmet is a canadian based international mining company. First quantum added that it had held discussions with a number of inmet minings top. Focus on finding quality base metal reserves, with interest in four mining operations. Fm will host a series of investor meetings to pitch its hostile takeover bid directly to inmet tsx. Inmet mining finalizes petaquilla copper takeover seeking alpha. Almost 2 years after the consolidation in the copper mining industry was accelerated by the proposed merger of lundin and inmet, first quantum is trying to take over inmet to form a major copper producer. Update inmet boosts copper reserves as first quantum bid looms. A hostile takeover is underway in the copper industry as fellow canadians battle it out over the acquisition of augusta resource corp. First quantum closes in on inmet mining takeover the globe. In a statement mr wright said the takeover offer doesnt. Their deal comes as vancouverbased first quantum tsx.
Minmetals to launch bid for equinox minerals cbc news. Workers drilling at inmet minings cobre panama copper project in panama. Imn another 10 days until march 21 after coming up just short of acquiring twothirds of the miner. Equinox is currently involved in its own hostile takeover battle for fellow canadian miner lundin mining. The new company, symterra, will have five mines and two developmentstage copper projects in panama and the congo. Gogebic mining president accused in spain of environmental crimes. Mar 12, 20 first quantum takeover of inmet crosses finish line. The mining company said it had taken its takeover approach directly to inmet minings shareholders, and called on the companys board to reconsider its multibilliondollar offer. Lundin shares jump on takeover speculation cbc news. Proxy advisory firm urges lundin shareholders to say no to. Inmet battle goes hostile, investors hope for more reuters. Its no surprise that global mining giants rio tinto and bhp billiton are on the list. The biggest mining company takeovers in the last ten years. Mar 28, 2011 unlikely issue emerges in lundin takeover battle the chief executive of inmet mining corp.
Canadian mining and metals firm first quantum minerals ltd announced on 2 april that, after a protracted and hostile takeover attempt, it has finally completed. Production was boosted by first quantums takeover of smaller rival inmet mining corp, which it completed in early april, winning access to one of the worlds biggest untapped copper deposits, the cobre panama project in peru. Proxy voting firm institutional shareholder services also urged lundin shareholders to reject the inmet deal, citing concerns about panama and. The company currently holds an 18% stake in ok tedi mining limited. Its mining operations and investments produce copper, zinc and gold, and inmets growth strategy is focused on finding quality base metal reserves. For credit ratings that are derived exclusively from an existing credit rating of a program, series, categoryclass of debt, support provider or primary rated entity, or that replace a previously assigned provisional rating at the same rating level, moodys publishes a rating announcement on that series, categoryclass of debt or program as a whole, on the support provider or primary rated. At inmet, which was acquired last year by first quantum minerals ltd. Unlikely issue emerges in lundin takeover battle national post. Gogebic president accused in spain of environmental crimes. London the mining company first quantum minerals has begun an improved takeover offer of 5. First quantum takeover of inmet crosses finish line the. Mar 28, 2011 concern about power supply at cobre panama, a massive copper project, has emerged as the unlikely central issue in the threeway takeover battle involving inmet, lundin mining corp. May 11, 2018 a hostile takeover bid for inmet mining corp.
Why are petaquilla minerals and inmet mining fighting in. Read the latest news and coverage on inmet mining corporation. Aug 27, 2008 one of the uglier mining disputes in recent memory is apparently over as junior company petaquilla copper ltd. Inmet mining corporation, an international copper, zinc and gold mining company, had a strategy to build their company, increase their share price and develop their corporate profile. New potashcorp chief executive a mining veteran, but no. Buy hostile takeover by s andrew swann from amazons fiction books store. First quantum extends offer for inmet vancouver first quantum minerals ltd.
Cayeli in turkey, las cruces in spain and pyhasalmi in finland. Inmets operating base consists of four competitive mining operations. The offer allows our shareholders to realise immediate value and also positions our operations and employees as part of a world class mining. Inmet, which produces copper, zinc and gold, has interests in three mining operations. Working with a communications partner was something new for inmet, but they needed a better way to tell shareholders and analysts about their company, their. At the time, inmet had said the highly conditional offer.
Inmets board has rejected a hostile takeover approach from first quantum, the torontolisted copper miner, arguing the offer is financially inadequate and timed to deprive its. Challenge inmet mining corporation, an international copper, zinc and gold mining company, had a strategy to build their company, increase their share price and develop their corporate profile. Dropping the bid is a condition of the minmetals offer. Will first quantum launch a hostile takeover bid for. View images, videos, and more on inmet mining corporation on financial post.
A small group of noteholders including ci investments, barometer capital and funds managed by capital group claim the canadian base metal miner has violated indentures on two separate series of inmets senior. Inmet mining corporation was a mining company headquartered in toronto. After months of negotiations, canadas biggest pure copper player first quantum minerals tsx. First quantum and inmet exchange love letters mining. One of the uglier mining disputes in recent memory is apparently over as junior company petaquilla copper ltd. First quantum minerals has denied claims by some debtholders that it has violated indentures and defaulted on a parcel of debt taken on following its acquisition of inmet mining. In june 20, it was announced that fqm would have to lay off 500 workers at the sentinel mine in zambia as it could not sustain their upkeep while waiting for the lifting of a protection order on its operations from the. First quantum to hold meetings to pitch inmetvancouver first quantum minerals ltd. Nov 29, 2012 will first quantum launch a hostile takeover bid for inmet. The globe and mail is canadas national newspaper with the second largest broadsheet circulation in the country. First quantum ups bid to buy rival copper miner winnipeg. In 20, the company was acquired by first quantum minerals the company held an 18% stake in ok tedi mining limited. First quantum closes in on inmet mining takeover the. It was also developing a mine in cobre panama, panama.
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