EQUINOX extended its $4.8bn (£2.9bn) bid for Lundin Mining, and postponed a vote on the deal by two weeks yesterday, as it awaited a formal $6.5bn takeover offer from China’s Minmetals Resources.
Minmetals, China’s biggest metals trading firm, unveiled plans to launch a C$7 a share bid for Canadian firm Equinox on Monday, chasing its copper assets in Zambia and Saudi Arabia.
Equinox said it was considering the proposal and would update investors on it “in the coming days”.
Equinox postponed a shareholder vote on the Lundin deal to 26 April to give investors time to consider the board’s and any other recommendations on Minmetals’ share offer and the Lundin deal before they have to vote. Minmetals, which already has a 4.2 per cent stake in Equinox, said it would only go ahead with the offer if Equinox dropped its bid for Lundin.