First Quantum seals Inmet takeover

Fri Mar 22, 2013 8:23am EDT
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March 22 (Reuters) - First Quantum Minerals Ltd said on Friday it secured enough shareholder support to take over rival Inmet Mining Corp in a C$5.1 billion ($4.98 billion) deal.

Vancouver-based First Quantum said in a statement that a total of 60.1 million Inmet shares, representing about 85.5 percent of outstanding shares, had been tendered in favor of its offer.

The offer has been extended to 5:00 p.m. EDT (2100 GMT) on April 1 to allow remaining Inmet shareholders the opportunity to tender to the offer.

The cash and stock bid, which expired March 21, was worth roughly C$5.1 billion, or C$72 a share, when announced in mid-December, topping First Quantum's two previous offers for Inmet.

Inmet, a global mining company that produces base metals, is developing the $6.2 billion Cobre Panama copper project in Panama. First Quantum produces copper, gold and nickel.