Anvil's Kinsevere copper mine in the Democratic Republic of Congo.Handout
Minmetals Resources Ltd. has extended the deadline for its $1.3-billion takeover offer to shareholders of Anvil Mining Ltd. , an Australian copper producer listed on the Toronto and Australian stock exchanges.
The Minmetals offer of $8 per Anvil share in cash will now be open until 8 p.m. ET on Dec. 9, about two weeks after the previous deadline of Nov. 24, Anvil announced from its head office in Perth.
China-based Minmetals has received Australian government approval for the offer, which was a 38 per cent premium to Anvil's market price of $5.79 prior to the announcement of the takeover bid.
Hong Kong-listed Minmetals Resources is majority owned by China Minmetals Nonferrous Co., Ltd., part of the China Minmetals group, which has its headquarters in Beijing and 168,000 employees worldwide.
The transaction is part of a trend that has seen Chinese companies use their rich cash reserves to acquire mining and other resources companies around the world.