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Minmetals Resources plans to acquire 6.5 billion US dollars to acquire multinational copper mine giants
China Minmetals Corporation's Minmetals Resources Co., Ltd. announced on the 4th that it will issue a purchase offer of 6.3 billion Canadian dollars (about 6.5 billion US dollars) to the international copper mine company Iquinox Minerals Co., Ltd. Iquinox Minerals has headquarters in Canada and Australia. Minmetals' offer for Iquinox Minerals Co., Ltd. is 7 Canadian dollars (about 7.2 US dollars) per share, which is 23 times higher than the price of 5.71 Canadian dollars (about 5.9 US dollars) per share at the close of the day. %. Affected by Minmetals M&A news, Iquinox Minerals Co., Ltd. closed at 7.55 Canadian dollars (about 7.8 US dollars) on the 4th, up 32.22%. Investors expect that Minmetals Resources may raise the offer accordingly. According to the acquisition conditions proposed by Minmetals Resources, Iquinox Minerals Co., Ltd. must abandon the offer of 4.7 billion Canadian dollars (about 4.86 billion US dollars) for the Canadian company. Affected by this, Lundin Mining shares fell to 8 Canadian dollars per share (about 8.3 US dollars) on the 4th closing, a decrease of 3.96%. Iquinox Minerals Co., Ltd. issued a brief statement on the 4th that the board of directors will soon meet to evaluate the offer and is expected to provide the latest relevant information in the next few days. The release of the Minmetals Resources Offer has attracted close attention from the market. Some analysts pointed out that despite the abundant funds, Chinese companies still lack access to overseas mineral development rights. Minmetals Resources' acquisition of Iquinox Minerals Co., Ltd. is to change this passive situation. The quarterly research report issued by Deutsche Bank Securities said that the Japanese reconstruction project may be fully launched in the second half of this year, when the demand for copper and zinc will increase significantly. The average price of copper this year is expected to be $4.61 per pound and will rise to $5.22 per pound next year. Since Iquinox Minerals Co., Ltd. has its headquarters in Canada and Australia, the transaction is subject to the approval of the regulatory authorities of both countries after the company's board of directors approves the acquisition.