Deals
Minmetals Ends Takeover Bid for Equinox After Barrick Offer
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Minmetals Resources Ltd., the Chinese mining company that offered to take over Equinox Minerals Ltd., dropped its proposal after it was trumped by a C$7.32 billion ($7.69 billion) cash bid from Barrick Gold Corp.
Minmetals’ withdrawal clears the path for Toronto-based Barrick to take control of Equinox’s Lumwana mine in Zambia and Saudi Arabia’s biggest copper deposit, in the world’s most expensive copper mining takeover. Minmetals plunged in Hong Kong trading on concern it missed an opportunity to shore up metal reserves as China’s demand grows, and Equinox fell in Toronto.