First Quantum completes Inmet takeover

CANADIAN miner First Quantum today closed in on its hostile takeover of Inmet, as it secured enough shareholder support to push the C$5.1bn (£3.3bn) deal through.

First Quantum said in a statement today that 85.5 per cent of Inmet shares had been tendered to the offer.

The takeover will hand First Quantum control of the $6.2bn Cobre Panama copper deposit, one of the largest undeveloped projects not in the hands of a mining major.

It marks the end of months of negotiations. In January the miner took its bid hostile as Inmet was resistant to First Quantum’s advances, arguing that the bid was inadequate.

The offer has also been extended to 1 April to allow Inmet shareholders a further opportunity to tender to the offer.

Jefferies advised First Quantum on the takeover.