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Messages: 4394
Inscription: Jeu 30 Juil 2009 16:48
Localisation: la seyne sur mer
Mar 26 Avr 2011 08:30
Minmetals abandonne ! mais va viser un autre minier
Ne pas oublier que pour KANSANSHI comme pour les autres mines, toute évolution du capital peut être interdite par le GRZ grâce à se golden share !
Des conditions peuvent alors être le passage obligé pour réussir une OPA...
Minmetals Pulls Offer for Equinox After Barrick Counterbid
By James Paton - Apr 26, 2011 7:23 AM GMT+0200
Minmetals Resources CEO Andrew Michelmore
Andrew Michelmore, chief executive officer of Minmetals Resources Ltd. Photographer: Jerome Favre/Bloomberg
Minmetals Resources Ltd. (1208), controlled by China’s largest metals trader, withdrew an offer to buy Equinox Minerals Ltd. (EQN) after Barrick Gold Corp. (ABX) trumped it with a C$7.32 billion ($7.66 billion) cash bid.
“The price offered by Barrick is above our most optimistic assessment of value,” Andrew Michelmore, chief executive officer of Minmetals, said today in a statement.
The withdrawal clears the path for Toronto-based Barrick to complete its C$8.15 a share offer for Perth, Australia-based Equinox. Buying Equinox would give Barrick control of the Lumwana mine in Zambia and Saudi Arabia’s biggest copper deposit, broadening its metal output after gold rose to a record yesterday.
Barrick, which outbid Minmetals’ offer of C$7 a share, priced its approach at 17 percent more than Equinox’s average share price over the past 20 days of trading. It’s 54 percent higher than the stock’s average before the unsolicited bid from Minmetals on April 3, data compiled by Bloomberg show.
Barrick’s bid values Equinox’s equity at 28 times net income, the highest for an acquisition in the industry and topping the 24 times multiple that underpinned Minmetals’s abandoned proposal.
Attractive Investment
“Our investment in Equinox, in which we have a stake of approximately 4.2 percent, has been financially very attractive for Minmetals and we will now turn our attention to other opportunities, including the attractive suite of projects in Minmetals’s internal pipeline,” Michelmore said in the statement.
The boards of Barrick and Equinox both agreed to the combination, which still requires approval from two-thirds of Equinox’s shareholders, according to the statement yesterday.
The deal would be the second-largest acquisition by Barrick, after its $9.93 billion purchase of Placer Dome Inc. five years ago, according to data compiled by Bloomberg. It’s proposing to pay 1.39 times Equinox’s enterprise value, compared with the 1.36 median multiple of 10 comparable deals in the past four years, according to Bloomberg data.