TORONTO, Feb 28 (Reuters) - Lundin Mining (LUN.TO) Chief Executive Phil Wright said on Monday that he sees no strategic benefit from Equinox Minerals’ EQN.AX unsolicited C$4.8 billion takeover bid, saying that Lundin’s proposed tie-up with Inmet Mining IMN.TO was a superior proposal. [ID:nN27203451]
“What are the possible strategic operational benefits that come from a combination with Equinox? I’ve looked and I see zero. If they’re there, they’re eluding me at this stage,” said Wright, while addressing the BMO Metals & Mining Conference in Florida.
“If you ask me in terms of portfolio combination which is the better portfolio, Lundin-Equinox or Lundin-Inmet, then unequivocally, without focusing on the value issues, I can say that I think the Lundin-Inmet combination is something that is vastly superior,” he said.
Equinox’s cash and stock bid, worth C$8.10 a share, comes about a month after Lundin and Inmet agreed to join forces to form a Canadian copper mining major called Symterra, worth about C$9 billion ($9.2 billion).
$1=$0.97 Canadian Reporting by Julie Gordon and Euan Rocha; editing by Peter Galloway