Nov 29 First Quantum Minerals Ltd said
on Thursday it is both "surprised and disappointed" that the
board of Inmet Mining Corp has decided to reject the
takeover proposal that it put forward earlier this month.
Toronto-based Inmet, which is building the huge Cobre Panama
copper mine in Central America, said on Wednesday it had turned
down a C$4.86 billion ($4.89 billion) unsolicited proposal from
larger rival First Quantum, stating that the offer was "highly
conditional" and not in the best interests of its shareholders.
"The transaction would have presented an opportunity to
realize immediate and attractive cash value for the holders of
Inmet shares while preserving the opportunity for both sets of
shareholders to participate in the substantial upside value that
we believe would be created through a combination," said First
Quantum's Chief Executive Philip Pascall, in a statement.