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Inmet’s Petaquilla bid set to expire after deal talks fail

Aerial Sight of Petaquilla Copper Ltd.'s Colina Campsite in Panama.

Luigi Jimenez.

Inmet Mining Corp. said its takeover offer for Petaquilla Minerals Ltd. will expire at 11:59 p.m. PT on Monday after talks between the companies over the weekend failed to reach a deal.

Inmet said "limited discussions" took place between the companies, but were unsuccessful and were "terminated."

Based on Inmet's recent share price, the offer is valued at about $147-million.

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Inmet has offered Petaquilla shareholders 0.0118 of an Inmet share plus 0.1 of a cent in cash. Alternatively, shareholders may also choose to receive up to 60 cents in a combination of cash and shares based on a Inmet share price of $50.82.

Inmet's offer is seen as a move to consolidate the area around its Cobre Panama project.

Petaquilla's Molejon project neighbours Inmet's US$6.2-billion Cobre Panama copper-gold porphyry project, Panama's largest-ever mine development.

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