Quadra Mining
FNX Mining
Rumors and speculation usually precede deals, but Canadian mining analysts admitted that they didn’t see it coming when Quadra Mining Ltd. announced its planned takeover of Toronto-based copper miner FNX Mining Company Inc. on March 24. The $1.6 billion stock deal, which gives Vancouver-based Quadra access to FNX’s copper-nickel assets in Sudbury, Ontario, was completed on May 21. The companies say the merger also married FNX’s experience in mining high-grade underground deposits with Quadra’s high-volume open pit mines and processing assets. FNX shareholders received 0.87 Quadra shares for each of their shares. Quadra shareholders own about 52 percent of the combined company.
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