Barrick Gold announced today that an additional 36,221,770 common shares of Equinox Minerals representing approximately 4% of the outstanding Equinox Shares on a fully diluted basis have now been taken up under the offer (the "Offer") by the Offeror to acquire all of the Equinox Shares at a price of C$8.15 per Equinox Share.
Equinox Minerals Limited Mining News
Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) ("Barrick" or "the Company") announced today that it has received the unconditional approval of the Zambian Competition and Consumer Protection Commission for Barrick's proposed acquisition of all of the issued and […]
Minmetals Resources Ltd , a unit of China state-run China Minmetals Corp, said it would net $150.4 million from the sale of its entire stake in Equinox Minerals Ltd after it withdrew its its bid for the Africa-focused copper miner. In a filing to the Hong Kong bourse late on Thursday, Minmetals said it had disposed of all its 37.27 million shares in Equinox on May 25 for about $310.5 million under an offer by Barrick Gold Corp .
Barrick Gold announced today that it has received confirmation that the Investment Canada Act does not apply to Barrick's proposed acquisition of all of the issued and outstanding common shares of Equinox Minerals Limited. This confirmation has been obtained in connection with the previously-announced offer by Barrick's wholly-owned subsidiary, Barrick Canada Inc., to acquire, subject to the terms and conditions of the Offer, all of the Equinox Shares at a price of C$8.15 per Equinox Share.
Shares in Equinox Minerals (EQN.AX) jumped 7 percent in Australia on Wednesday after the copper miner accepted a $7.7 billion takeover offer from the world's largest gold miner, Barrick Gold (ABX.TO).
hina's Minmetals Resources announced Tuesday, "Following the announcement yesterday by Equinox that it will recommend that its shareholders accept an offer it has received from Barrick Gold Corporation of C$8.15 per share, MMR has decided not to pursue its planned bid for Equinox."
Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) ("Barrick" or "the Company") announced today that it has entered into a support agreement with Equinox Minerals Limited (TSX:EQN)(ASX:EQN)("Equinox") for Barrick to acquire, through an all-cash offer, all of the issued and outstanding common shares of Equinox (including the shares represented by Equinox's CHESS Depositary Interests) by way of a friendly take-over offer (the "Offer"). The Offer is for C$8.15 per Equinox share in cash, or a total of approximately C$7.3 billion. The Offer represents a 30% premium based on Equinox's closing share price on the Toronto Stock Exchange on February 25, 2011 (the last trading day before Equinox announced its intention to make a take-over bid for the common shares of Lundin Mining Corporation).
Rita Trichur, writing in Saturday's Globe and Mail, goes behind the headlines in discussing the $6.3 billion bid by China Minmetals to take over TSX-listed Equinox Minerals. The bid, Trichur writes is emblematic of an emboldened, more savvy China, as the country seeks to gain control over mineral resources in Africa.
Equinox's hard-fought battle for Lundin may be aborted by a financially superior hostile bid for Equinox by China Minmetals' subsidiary Minmetals Resources.
The bid for a hostile takeover of Lundin Mining by Equinox Minerals was given a boost today by proxy voting firm International Shareholder Services (ISS), The Financial Post reported: Proxy voting firm Institutional Shareholder Services (ISS) is recommending that Equinox Minerals Ltd.’s shareholders vote in favour of the company’s $4.8-billion hostile takeover bid for Lundin Mining Corp.
Lundin Mining has rejected the hostile takeover bid mounted last month by Australia-based Equinox Minerals. Canadian Press reported Sunday that Lundin told its shareholders to reject a debt-financed takeover bid from Equinox, saying the unsolicited offer was "financially inadequate" and fraught with risks: Vancouver-based Lundin (TSX:LUN) said the Equinox (TSX: EQN) bid undervalued the company and would place considerable influence over business decisions in the hands of lenders.
Inmet Mining is holding firm on the proposed friendly merger with Lundin Mining, saying there are significant risks associated with the hostile Equinox offer for Lundin announced last week. Inmet continues to believe the proposed merger of equals between Inmet and Lundin to create Symterra provides superior benefits to shareholders of both Inmet and Lundin without the risks associated with the Equinox offer, Inmet stated on Thursday.
Equinox Minerals would consider selling some of Lundin Mining's assets in order to clear off debt, the company's CEO said in a conference call to analysts on Thursday. Equinox has bid CAD$4.8 billion in a challenge to Inmet Mining's friendly merger with Lundin, but needs a $3.2 billion bridge loan, according to the story by Bloomberg. “We would consider asset sales in the context of non-core, non-copper assets,” Craig Williams, chief executive of the Perth-based company, said today. Equinox may sell Lundin’s Zinkgruvan zinc mine in Sweden, he said.
Equinox Minerals Limited (TSX and ASX: EQN) ("Equinox" or the "Company") advises that it has commenced its previously announced offer (the “Offer”) to acquire Lundin Mining Corporation ("Lundin"). The Offer will remain open until 6:00pm on April 14, 2011 unless withdrawn or extended.
Shareholders of Lundin Mining Corp. and Inmet Mining Corp. will have two more weeks before they are asked to vote on a friendly merger of the two entities. Canadian Press said the posptponement of the shareholder meetings, from March 14 to March 28, was decided on the weekend after a hostile takeover bid was announced last week by Equinox Minerals: The reason for the postponement is to allow time for shareholders to receive and review the recommendation of the board of directors in relation to the Equinox (TSX:EQN) bid, Lundin said Sunday in a news release.
Inmet Mining (TSE:IMN) was down 7.41% to Can$64 on Friday after the Government of Panama announced that it will repeal recently enacted legislation, known as Law 8, that modifies the Panamanian mineral resources code. The price drop complicates the company's proposed merger with Lundin Mining. In Jan. 2011, Inmet and Lundin Mining announced a merger that would create Canada's largest base metal producer. However, Equinox Minerals launched a hostile bid for Lundin in late February.
Equinox Minerals Ltd.’s counter offer for Lundin Mining Corp. is so low that it’s leaving an opening for Freeport-McMoran Copper & Gold Inc. to enter the bidding war, Bloomberg News said Thursday: Lundin, a Toronto-based […]
Zambian copper miner Equinox Minerals, which has made a hostile bid for Lundin, is now viewed as itself being a takeover target for one of the major miners.
Looking at the hostile offer by Equinox to buy Lundin, The Globe and Mail reports that some of the recent mining deals may be beyond what the market will support: On Tuesday, the day after a […]
Equinox Minerals Ltd. will make a hostile bid for Lundin Mining prior to the markets opening Monday morning, Vancouver-based Lundin announced in a news release on Sunday. "Lundin is not aware of the terms of the bid. Until Lundin Mining completes its review of the bid, it will not comment on the proposal," the release stated. "The Board of Directors of Lundin will update shareholders from time to time following receipt and consideration of the bid. Shareholders do not need to take any action in response to the bid at this time." The unsolicited takeover attempt could thwart the proposed merger between Lundin and Inmet Mining Corp. made public in January.