Deals
First Quantum Increases Inmet Offer 2.9% to $5.18 Billion
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First Quantum Minerals Ltd., a producer of copper in Africa, raised its bid for Inmet Mining Corp. for a second time to about C$5.1 billion ($5.18 billion) as it seeks control of the Cobre Panama project.
It’s offering C$72 in stock and cash for each Inmet share, Vancouver-based First Quantum said yesterday in a statement. That’s 36 percent more than Inmet’s closing price on Nov. 27, the day before the Toronto-based company said it had rejected two unsolicited offers from First Quantum. The bid is also 2.9 percent more than the prior offer of C$70 a share.