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Australia has no objection to Equinox deal
EQN.TO
$7.56
+0.01+0.13%
04/05/2011
Wed Apr 6, 2011 7:36am EDT
(Adds detail, background)
HONG KONG, April 6 (Reuters) - Minmetals Resources (1208.HK) said Australia's Foreign Investment Review Board has said the government has no objection to China's biggest metals trader's proposed offer to buy Equinox Minerals (EQN.AX) (EQN.TO).
Earlier this week, Minmetals offered $6.5 billion to buy Equinox. [ID:nL3E7F30DI].
Minmetals said on Wednesday some third parties may still require FIRB approval as the proposed acquisition was planned to be financed by way of equity, including financial investments in company by Chinese institutions.
The offer is yet to commence, Minmetals said.
The offer is conditional on Equinox dropping a C$4.7 billion bid ($4.9 billion) for Canadian group Lundin Mining (LUN.TO) which has been the subject of a separate takeover tussle between Equinox and Inmet Mining