Here's today's M&A news:
CHINA'S Minmetals Resources will buy Congo-focused copper miner Anvil Mining for $C1.33 billion ($1.31bn) in cash, a move that shows Chinese companies remain willing to invest in risky locations despite a recent fall in commodity prices.
Minmetals, the Hong Kong-listed unit of state-owned China Minmetals Group, said in a statement shareholders owning 40.1 per cent of Anvil Mining's stock support the $C8-a-share offer. These include trading house Trafigura Beheer, which is Anvil's biggest investor.
Minmetals said the offer, which is pitched at a 39 per cent premium to Anvil's closing share price, has been recommended by Anvil's board and will open within three weeks.
"In our view, the valuation is compelling and unlikely to be trumped," said analysts at Foster Stockbroking.
Anvil last month launched a strategic review of the business, and said today it CONTINUES HERE