LONDON Jan 11 Leucadia National Corporation,
the largest shareholder in takeover target Inmet Mining
, said late on Thursday it planned to tender its shares
to bidder First Quantum, in a boost for the
The statement from the New York-based holding company, which
has a more than 15 percent stake in Inmet, came a day after
First Quantum launched its C$5.1 billion hostile bid for its
smaller rival, chasing one of the world's largest undeveloped
copper deposits, Cobre Panama.
Nearly 40 percent of Inmet is held by only four
shareholders, including Leucadia and a subsidiary of
Temasek Holdings Pvt Ltd, the Singapore sovereign
Leucadia said it would tender its shares "in the absence of
changed circumstances or new information (including an
alternative transaction that would provide greater value)".
A combination between the Anglo-Canadian group and Inmet
would create one of the world's largest and fastest-growing
copper-focused producers, while easing First Quantum's
dependence on Africa and particularly Zambia.
The First Quantum offer will be open until Feb. 14, 2013,
unless extended or withdrawn.