Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Inmet Sees Mailing of Formal Petaquilla Offer in 2 Weeks

Don't Miss Out —
Follow us on:

Sept. 20 (Bloomberg) -- Inmet Mining Corp. said it anticipates mailing a formal C$112 million ($114.6 million) bid for Petaquilla Minerals Ltd. to Petaquilla shareholders within the next two weeks.

The offer, which was proposed Sept. 5, won’t proceed if Petaquilla goes through with a $210 million private placement, Toronto, Canada-based Inmet said today in a statement. Inmet is proposing to pay C$0.48 or 0.0109 of an Inmet share for each Petaquilla share.

Inmet is developing a $6.2 billion copper and gold mine in Panama that will be the country’s largest. Buying Vancouver-based Petaquilla would give it control of the nearby Molejon gold mine, eliminating what Inmet’s Chief Executive Officer Jochen Tilk said in a Sept. 5 conference call would be “a potential source of disruption.”

Petaquilla dropped 3.2 percent to C$0.60 in Toronto, implying investors expect a higher offer.

Petaquilla said Sept. 6 it was evaluating Inmet’s proposal. Dimitri Zolotov, a spokesman for Petaquilla, couldn’t immediately be reached today for comment.

To contact the reporter on this story: Simon Casey in New York at scasey4@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.