NEW YORK First Quantum Minerals Ltd. has won its hard-fought battle to acquire Inmet Mining Corp. for Canadian $5.1 billion ($4.9 bilion).
Toronto-based Inmet advised shareholders March 22 to tender their shares to the extended offer on or before the deadline of 5 p.m. April 1.
Vancouver, British Columbia-based First Quantum had purchased 85.5 percent of Inmets outstanding shares by March 21.
Inmet had previously urged shareholders to reject First Quantums hostile takeover bid (amm.com, March 8
We are delighted to have successfully completed the offer, and are grateful for the overwhelming support that Inmet shareholders have shown for our vision of a new global leader in copper, First Quantum chairman and chief executive officer Philip Pascall said in a March 22 statement.
We are now focused on turning the vision into reality by putting together the great strengths of both companiestheir high-quality mining assets and their equally high-quality human resourcesto create a new global leader in copper with a far broader and more geographically diversified and dynamic portfolio of operating and development assets than either company on a stand-alone basis.
Ten Inmet directors resigned March 22, while four First Quantum nomineesPascall, Martin Rowley, Clive Newall and Andrew Adamshave been named to the board.
The company aims to produce 1.3 million tonnes of copper over the next five years.
The Cobre Panama project is expected to drive up Inmets copper production by 176 percent within five years, Inmet chairman David Beatty said in January (amm.com, Jan. 23