Minmetals secures takeover of Anvil
- Publishing Date
- 30 Sep 2011 11:25am GMT
- Author
- Mining Journal
Minmetals Resources Ltd (MMR) has agreed to buy Anvil Mining Ltd for C$1.3 billion in a friendly takeover.
MMR, majority-owned by China Minmetals Nonferrous Company Ltd, will pay C$8/share for the dual-listed Anvil, which is a 30% premium on the company’s 20-day volume weighted-average price (VWAP) on the Toronto Stock Exchange prior to September 29.
Anvil’s key assets include a 95% interest in the Kinsevere copper project and a 70% interest in the Mutoshi copper project, both in the Democratic Republic of the Congo.
Andrew Michelmore, MMR's chief executive, said: “MMR’s aim is to build an international mining group based on a unique operating model that brings together the skills and experience of an international management team with the long-term commitment of a major Chinese corporation as its major shareholder.
“We believe this acquisition, which will expand MMR’s global footprint and add a pure copper play to our diversified portfolio, will propel us further along that path.”
Anvil’s board has backed the bid, saying it is in the best interest of shareholders and they should accept the offer.
MMR has already gained the support of Anvil’s largest shareholder, Trafigura Beheer BV, and directors and senior officers of Anvil, representing a collective 40.1% interest in the company.
MMR, majority-owned by China Minmetals Nonferrous Company Ltd, will pay C$8/share for the dual-listed Anvil, which is a 30% premium on the company’s 20-day volume weighted-average price (VWAP) on the Toronto Stock Exchange prior to September 29.
Anvil’s key assets include a 95% interest in the Kinsevere copper project and a 70% interest in the Mutoshi copper project, both in the Democratic Republic of the Congo.
Andrew Michelmore, MMR's chief executive, said: “MMR’s aim is to build an international mining group based on a unique operating model that brings together the skills and experience of an international management team with the long-term commitment of a major Chinese corporation as its major shareholder.
“We believe this acquisition, which will expand MMR’s global footprint and add a pure copper play to our diversified portfolio, will propel us further along that path.”
Anvil’s board has backed the bid, saying it is in the best interest of shareholders and they should accept the offer.
MMR has already gained the support of Anvil’s largest shareholder, Trafigura Beheer BV, and directors and senior officers of Anvil, representing a collective 40.1% interest in the company.
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