China’s Minmetals Resources Ltd. is making a $1.3-billion bid...

China’s Minmetals Resources Ltd. is making a $1.3-billion bid for Montreal-based Anvil Mining Ltd.(AVM-T5.77-0.02-0.35%), its second attempt this year to buy a Canadian-based copper producer after being outbid in a recent hostile takeover offer.

Hong Kong-listed Minmetals, which is controlled by a division of Chinese state-owned entity China Minmetals Corp., is taking the friendly route this time with its $8 per share, all-cash offer for Anvil, owner of the Kinsevere project located in the copper-rich Katanga province in the Democratic Republic of Congo.

Anvil Mining Limited (AVM-T)
5.77 -0.02 -0.35%
As of Sep 29, 2011 4:00
.
. .
Range:
1 Day 5 Day 1 Year View Larger Chart Add to Watchlist .The proposed offer represents a nearly 40-per-cent premium to Anvil’s closing price of $5.77 on the Toronto Stock Exchange on Thursday, and comes about two months after Anvil said it was considering a sale as part of a strategic review of the company.

The offer also comes six months after Minmetals saw its unsolicited $6.3-billion offer for Toronto-based Equinox Minerals Ltd. topped by an extra $1-billion by Barrick Gold Corp., the world’s largest gold producer. Within hours of Barrick’s bid, Minmetals retreated from the race for Equinox’s operations in Africa and Saudi Arabia, declaring the Toronto-based bullion producer’s $7.3-billion price too rich to match.

It also ended what had been a rare hostile takeover move on the part of a Chinese player in the mining business.

Today, Minmetals appears to be offering a high premium for Anvil to try to prevent a rival bidder from coming forward. Still, there is a chance another miner could make a bid for Anvil which, since it went up for sale in early August, has seen its stock price fall 16 per cent due largely to a global selloff in mining equities.


looks lika a great mob to be with!!! why did fosters get approval so quick???