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Friday, Mar 2210:33 AMFirst 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. |Friday, Mar 2210:33 AM| 1 Comment
Tuesday, Mar 129:29 AMFirst 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%. |Tuesday, Mar 129:29 AM| Comment!
Tuesday, Feb 1912:22 PMInmet 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. |Tuesday, Feb 1912:22 PM| Comment!
Wednesday, Jan 2310:42 AMIn 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. |Wednesday, Jan 2310:42 AM| Comment!
Tuesday, Jan 229:44 AMFranco-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. |Tuesday, Jan 229:44 AM| Comment!
Tuesday, Jan 228:13 AM
Sunday, Jan 134:30 AMFirst 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. |Sunday, Jan 134:30 AM| Comment!
Friday, Jan 114:03 AMFirst 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. |Friday, Jan 114:03 AM| Comment!
Wednesday, Jan 98:40 AMFirst 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. |Wednesday, Jan 98:40 AM| Comment!
Monday, Dec 172012, 3:27 AMFirst 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) |Monday, Dec 172012, 3:27 AM| Comment!
Wednesday, Nov 282012, 4:57 PMInmet 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." |Wednesday, Nov 282012, 4:57 PM| Comment!