First Quantum, Inmet in takeover row

Jan 14, 2013 | 01:05 PM | Claire Hack

Tags  First Quantum Minerals, Inmet Mining, copper, takeover offer, Cobre Panama project, Claire Hack

LONDON — First Quantum Minerals Ltd., which recently placed a bid for Inmet Mining Corp., expressed concern over suggestions that Inmet could sell a further minority interest in its flagship Cobre Panama project.

First Quantum said in a letter addressed to Inmet chairman David Beatty that it had been approached both directly and indirectly by Inmet shareholders saying that they were concerned about the possible stake sale.

"It is a condition of First Quantum’s offer that Inmet and its subsidiaries not take any action which might have the effect of materially diminishing the economic value to First Quantum of the acquisition of Inmet shares," First Quantum chairman and chief executive officer Philip Pascall said in the letter. "We are, therefore, very concerned that the special committee could be contemplating steps which could deprive Inmet shareholders the opportunity to consider our offer." ....

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