TORONTO (miningweekly.com) – Shares in Lundin Mining were up
10% on Friday morning, after a Canadian newspaper reported that a
Chinese-led consortium was preparing a takeover bid for the
base-metals producer. A group led
by
Jinchuan Groupand including sovereign wealth fund China Investment
Corporation, may make an offer for Lundin, the Globe and
Mailreported, citing
unnamed people familiar with the situation. Shares in
Lundin rose C$0,83 each, to C$9,17 apiece by 11:23 in
Toronto. The company
said in late March it would consider strategic options, including
potential deals, after breaking off a merger agreement with Inmet
Mining. CEO
Phil Wrightsaidat the timethat the
company did not see any “time pressure” to get a deal done. Lundin issued
a statement on Friday, reiterating that it is undertaking “a
strategic process to explore options to create shareholder
value”. “Shareholders
will be advised of any material developments in this regard,” the
company said. "There is no
assurance that the strategic process will result in Lundin Mining
entering into or consummating any transaction." Lundin owns
mines in Portugal, Spain and Sweden, and holds a minority interest
in Freeport-McMoRan Copper & Gold's big Tenke Fungurume
copper/cobalt mine in the Democratic Republic of Congo. The Inmet
deal was broken off after Lundin received a hostile takeover offer
from Equinox Minerals. The company rejected the bid, and Equinox
has since said it will withdraw the offer after agreeing to be
acquired itself by Barrick Gold.
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WATCH IT NEW HIGHS ON THE WAY
Posted by FIGO on 29th of Apr 2011 at 10:21 am
Watch it New Hihgs on the Way
http://stockcharts.com/h-sc/ui?s=TRE&p=D&yr=0&mn=8&dy=15&id=p23222601262&a=225728563
Nice weekend
Pop up in Lundin Mining (the same as LUN.TO)
Posted by lebow on 29th of Apr 2011 at 03:00 pm
as I mentioned yesterday
They are up for sale after the terminated merger with Inmet
Equinox tried to buy Lundin
Posted by parkridge77 on 29th of Apr 2011 at 03:04 pm
Equinox tried to buy Lundin recently- fell through & now Barrick buying Equinox-
beating out Chinese Minmetal bid-- this all very recent- ABX bid was this past wk.
Maybe CMinimetla buys Lundin? Chinese on global resource prowl as we have all seen !
Equinox terminated it bid
Posted by perthx on 29th of Apr 2011 at 03:35 pm
Equinox terminated its bid for Lundin when Barrick stepped in to outbid Minmetals for Equinox. That is different than saying "it fell through".
re: enq.to -- thnx perthx
Posted by parkridge77 on 29th of Apr 2011 at 03:38 pm
re: enq.to -- thnx perthx for that correction- could be important point for some for sure !
Potential takeover or Short Covering
Posted by FIGO on 29th of Apr 2011 at 02:47 pm
Potential takeover or Short Covering
Jinchuan is TRE's partner on the Kabanga nickel project.
A group led by Jinchuan Group and including sovereign wealth fund China Investment Corporation, may make an offer for Lundin, the Globe and Mail reported , citing unnamed people familiar with the situation.
Shares in Lundin rose C$0,83 each, to C$9,17 apiece by 11:23 in Toronto.
The company said in late March it would consider strategic options, including potential deals, after breaking off a merger agreement with Inmet Mining.
CEO Phil Wrightsaid at the time that the company did not see any “time pressure” to get a deal done.
Lundin issued a statement on Friday, reiterating that it is undertaking “a strategic process to explore options to create shareholder value”.
“Shareholders will be advised of any material developments in this regard,” the company said.
"There is no assurance that the strategic process will result in Lundin Mining entering into or consummating any transaction."
Lundin owns mines in Portugal, Spain and Sweden, and holds a minority interest in Freeport-McMoRan Copper & Gold's big Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo.
The Inmet deal was broken off after Lundin received a hostile takeover offer from Equinox Minerals. The company rejected the bid, and Equinox has since said it will withdraw the offer after agreeing to be acquired itself by Barrick Gold.