TORONTO, March 8 First Quantum Minerals
said on Friday its C$5.1 billion ($4.97 billion) hostile
takeover bid for rival Canadian base metal miner Inmet Mining
Corp has won approval under the Investment Canada Act.
The act, which requires a buyer to prove to the government
that its takeover of a Canadian company will be of net benefit
to Canada, typically only applies to large foreign acquisitions
of companies or assets. Vancouver, British Columbia-based First
Quantum had to win approval under the law, however, as the
majority of its directors are based overseas.
The cash-and-stock bid is set to expire at 11:59 p.m. (EDT)
on Monday, March 11. The bid was worth about C$5.1 billion, or
C$72 a share, when it was announced in mid-December, topping
First Quantum's two previous offers for Inmet.
On Friday, Inmet once again called on shareholders to reject
the First Quantum offer, saying it was inadequate.
"While the long-term fundamental value of Inmet has not
changed, the value of the First Quantum offer has declined to
C$67.70 (a share) as of yesterday's closing price," said Inmet
in an open letter to investors.
"The special committee and the board would be prepared to
meet with First Quantum to discuss a supported transaction if
First Quantum is prepared to make a fair offer to Inmet," the