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Minmetals pulls out of Equinox bid

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first_imgTuesday 26 April 2011 2:57 am by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastBrake For ItThe Most Worthless Cars Ever MadeBrake For ItSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMoneyPailShe Was An Actress, Now She Works In ScottsdaleMoneyPailLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search Adsmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald More From Our Partners Kansas coach fired for using N-word toward Black playerthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.com John Dunne Show Comments ▼ Tags: NULLcenter_img whatsapp whatsapp Minmetals pulls out of Equinox bid Share China’s Minmetals Resources bowed out of the battle for copper miner Equinox Minerals, saying Barrick Gold Corp’s C$7.3bn (£4.66bn) bid was too rich.Canada’s Barrick, the world’s largest gold miner, announced its agreed offer for Equinox , seeking to tap surging demand for copper from China and other developing economies that has pushed prices up more than sevenfold in the past eight years.Minmetals, a unit of China’s largest metals trader, said it could not justify paying so much and would seek other opportunities.“Competing with Barrick at these prices would, in our view, be value destructive for (our) shareholders,” Andrew Michelmore, Minmetals’ chief executive, said in a statement.Investors punished Minmetals’ cautious approach, sending its shares plunging 12 per cent in Hong Kong.Barrick’s offer is at a rich valuation of more than 14 times Equinox’s 2010 earnings before interest, tax, depreciation and amortisation of $523 million.Equinox, a global miner listed in Canada and Australia, owns the Lumwana mine in Africa’s rich Zambian copper belt and most of the Jabal Sayid project in Saudi Arabia.A weaker-than-expected capital raising by Minmetals in Hong Kong last week prompted speculation it might not have the funding in place to formally launch the unsolicited C$6.3 billion offer it announced earlier this month.Minmetals, which said it had a 4.2 per cent stake in Equinox, is majority controlled by state-owned China Minmetals Non-Ferrous Metals Co Ltd, so could potentially have tapped Beijing for funding. Traditionally, however, state-owned Chinese firms do not get drawn into bidding wars. last_img


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