A new foreign bidder has entered the Canadian resources market. Polish state-controlled copper miner KGHM Polska Miedz S.A. made a $2.86 billion friendly cash offer for Vancouver-based rival Quadra FNX Mining Ltd. on December 6. The deal would be the largest overseas acquisition by a Polish company. Poland’s treasury ministry owns 32 percent of Polska Miedz and said on January 26 that it backs the deal. Polksa Miedz is Europe’s largest producer of mined copper, and is the ninth-largest copper miner and third-largest silver producer in the world.
At press time Quadra shareholders were scheduled to vote on the $15 per share offer on February 20. Quadra agreed not to look for higher bids, but analysts expected competing offers for its mines in the United States and Canada and its copper deposits in Chile. The company was created in 2010 when Quadra Mining Ltd. bought FNX Mining Co. for about $1 billion.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
