China in $1.29bn copper mine deal with Anvil

Minmetal Resources, a unit of Chinas largest metal trader, China Minmetals Group, on Friday launched a C$1.3bn ($1.29bn) friendly takeover bid for Congo-focused copper producer Anvil Mining.

The move by Hong Kong-listed Minmetal Resources is the second attempt to acquire a copper producer with operations in Africa as it unsuccessfully bid C$6.3bn for Equinox Minerals in March.

Anvil shareholders, who include Trafigura Beheer and collectively hold a stake of 40.1 percent, supported the C$8 a-share offer, Minmetals said in a statement.  

The price offer made to Anvil represents a 30 percent premium to the 20-day volume weighted average price and a 39 percent premium of its closing share price on Thursday, the statement said.

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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