1014 [Dow Jones] Minmetals Resources (1208.HK) opportunistic C$6.3 billion (US$6.5 billion) offer for copper miner Equinox Minerals (EQN.AU) throws down the gauntlet to Australian regulators; tests how favorably they view Chinese bids for listed companies with assets mainly overseas. Previous big deals by Chinese companies focused mainly on resources assets in Australia scrutinized so heavily by Foreign Investment Review Board; faced significant political opposition driven by fears that strategic assets were falling into foreign hands. Hard to make same claim with Minmetals' offer for Zambia-focused Equinox, though will generate headlines as China's largest full takeover offer for ASX-listed company. FIRB's response could open door for a new rush of deals for ASX-listed companies with African or South American mining assets, or spur China to channel investments to miners listed elsewhere, such as Canada's Toronto Stock Exchange. ([email protected])
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