Minmetals seeks USD 860 million equity raise
In early April the firm attempted USD 6.5 billion hostile takeover of Equinox Minerals, an Australian firm with substantial copper interests in Africa and the Middle East as well as takeover plans of its own for Canadian firm Lundin Mining.
Equinox's board advised shareholders to reject the Minmetals takeover saying that it undervalued the company. Minmetals in turn urged Equinox shareholders to reject the proposed Lundin takeover. Minmetals may come back with a higher offer for Equinox after this round of capital rising in the equity markets. The firm's share price has dipped 12.4% since it announced the planned takeover of Equinox.
(Sourced from newcer.chinaeconomicreview.com)