Inmet Mining intends to buy Petaquilla Minerals for C$112 million

Wed Sep 5, 2012 6:54pm EDT
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(Reuters) - Canada's Inmet Mining Corp IMN.TO said it intends to make an offer to acquire peer Petaquilla Minerals Ltd PTQ.TO for an equity purchase price of about C$112 million ($112.95 million) as it looks to expand its footprint in Panama.

Base metal miner Inmet's offer of 48 Canadian cents per share represents a premium of 37 percent to the Petaquilla stock's Wednesday close of 35 Canadian cents on the Toronto Stock Exchange.

Inmet said its offer will be fully financed and does not require shareholders' approval.

($1 = 0.9916 Canadian dollars)

(Reporting by Ankur Banerjee in Bangalore; Editing by Joyjeet Das)