IEMMF.PK: Inmet Mining Corp Market Currents

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Friday, March 22, 10:33 AM First Quantum Minerals (FQVLF.PK) says 85.5% of Inmet Mining’s (IEMMF.PK) shares have been tendered to its hostile takeover bid, putting it on the verge of completing the deal to create a "new global leader in copper." First Quantum says its first priority is to integrate the operations, then begin a detailed review of Inmet’s $6.2B Cobre Panama project to find significant cost savings. 1 Comment [Commodities, M&A]
Tuesday, March 12, 9:29 AM First Quantum (FQVLF.PK) says 61.45% of Inmet Mining’s (IEMMF.PK) shares have been tendered to its hostile $5.1B bid, just shy of the two-thirds majority of shares First Quantum needs to complete the takeover. The company extends its offer to March 21 to pass the two-thirds threshold, and reduces the minimum tender condition to 50%. Comment! [Commodities, M&A]
Tuesday, February 19, 12:22 PM Inmet Mining (IEMMF.PK) says it will waive its poison pill takeover defense against a hostile offer by First Quantum (FQVLF.PK) and hints it may execute unspecified strategic alternatives to the $5.1B bid. Earlier this month, First Quantum extended its $72/share bid to Feb. 27; Inmet says the new deadline has given it enough time to fully review the offer. Comment! [Commodities, M&A]
Wednesday, January 23, 10:42 AM In its expected rejection of First Quantum's (FQVLF.PK) $5.1B hostile bid, Inmet Mining (IEMMF.PK) disputed First's assertion it could realize enormous cost savings at Cobre Panama by using its internal project team and hiring far fewer contractors. “To suggest you can take an engineering management component out and self-perform on a project of that size is reckless,” Inmet CEO Jochen Tilk says. Comment! [Commodities, M&A]
Tuesday, January 22, 9:44 AM Franco-Nevada (FNV) is committing $1B to Inmet (IEMMF.PK) for development of the Cobre Panama project, so it has a unique interest in First Quantum’s (FQVLF.PK) $5.1B hostile bid for Inmet. FNV CEO David Harquail says he is impressed with Inmet’s handling of the project so far, and harbors doubts about First Quantum’s proposal to build the mine for significantly less money. Comment! [Commodities, M&A]
Tuesday, January 22, 8:13 AM Inmet Mining (IEMMF.PK) asks its shareholders to reject First Quantum's (FQVLF.PK) C$5.1B, $72/share hostile takeover offer, terming the bid inadequate. Comment! [Commodities, M&A]
Sunday, January 13, 4:30 AM First Quantum (FQVLF.PK) warns C$5.1B ($5.2B) takeover target Inmet Mining (IEMMF.PK) not to sell a minority stake in its Cobre Panama project, a major undeveloped copper reserve. Any attempt "would be inappropriate...and constitute an improper short term defensive tactic," said First Quantum. The comments are "hostile and counterproductive," said Inmet, which is considering selling a 10-20% stake in the mine. Comment! [M&A, Commodities]
Friday, January 11, 4:03 AM First Quantum (FQVLF.PK) has received a boost in its C$5.1B ($5.19B) hostile bid for fellow Canadian peer Inmet Mining (IEMMF.PK) after Leucadia National, which is Inmet's largest shareholder with a 15% stake, said late yesterday that it will tender its stock to First Quantum "in the absence of changed circumstances or new information." The deal would give the latter access to Cobre Panama, one of the world's largest undeveloped copper deposits. Comment! [M&A, Commodities]
Wednesday, January 9, 8:40 AM First Quantum Minerals (FQVLF.PK) takes its $5.1B bid for Inmet Mining (IEMMF.PK) straight to shareholders with a $72/share offer in cash and stock which is 36% more than Inmet’s closing price on Nov. 27, the day before the company said it had rejected two unsolicited proposals. Comment! [Commodities, M&A]
Monday, December 17, 2012, 3:27 AM First Quantum Minerals (FQVLF.PK) has again raised its unsolicited bid for fellow Canadian company Inmet Mining (IEMMF.PK), this time to C$5.1B ($5.17B) in cash and stock, saying the combined firm could become one of the world's top five copper producers within five years. The C$72/share proposal follows previous offers of C$62.50 and C$70. (PR) Comment! [Commodities, Top Stories, M&A]
Wednesday, November 28, 2012, 4:57 PM Inmet Mining (IEMMF.PK +18.1%) rejects a takeover proposal from rival Canadian copper miner First Quantum Minerals (FQVLF.PK) that values the company at $70/share, or ~$4.9B, and says it plans to adopt a shareholder rights plan. Inmet calls the cash-and-stock offer "highly conditional." Comment! [Commodities, M&A]
Monday, August 20, 2012, 8:19 AM Franco-Nevada (FNV) will provide $1B to Inmet Mining (IEMMF.PK) for the development of its $6.2B Cobre Panama copper-gold project in Panama. FNV will get ~86% of precious metals output attributable to Inmet's 80% ownership of production from the mine under the deal. 1 Comment [Commodities]
Monday, March 28, 2011, 11:33 AM Equinox Minerals (EQXMF.PK) gets the recommendation from influential proxy firm ISS for its plan to issue shares in connection with a $4.8B bid for Lundin Mining (LUNMF.PK). Lundin shareholders vote on a merger with Inmet Mining (IEMMF.PK) next Monday; Equinox's share issuance vote is set for April 11. Comment!
Monday, March 21, 2011, 8:58 AM As expected, Lundin Mining's (LUNMF.PK) board recommends shareholders reject a C$4.7B ($4.8B) unsolicited takeover bid from Equinox Minerals (EQXMF.PK), saying the bid undervalues the company and carries too much uncertainty. Lundin shareholders are getting ready to vote on a planned C$9B merger of equals with Inmet Mining (IEMMF.PK). Comment!
Monday, February 28, 2011, 7:18 AM Equinox Minerals (EQXMF.PK) offers C$4.8B ($4.9B) in stock and cash for Canada's Lundin Mining (LUNMF.PK), challenging a planned C$9B merger of equals with Inmet Mining (IEMMF.PK). The offer comes as a dearth of new projects is forcing producers to grow through acquisitions. Comment!
Thursday, January 13, 2011, 7:17 AM Lundin Mining (LUNMF.PK) and Inmet Mining (IEMMF.PK) agree to a 'merger of equals' to create a Canadian copper miner with a market value of ~C$9B ($9.1B). The deal comes as copper nears record highs, and Canada's mining industry consolidates. Comment!

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