Minmetals Resources has withdrawn its $6.5bn offer for Equinox Minerals, a day after being trumped by Barrick Gold’s agreed C$7.3bn ($7.6bn) bid for the copper miner.
The Chinese miner’s decision to avoid a bidding war clears the way for Barrick to acquire Equinox, a Toronto-listed mid-cap miner whose value is based on a promising copper deposit in Zambia.
Minmetals’ announcement came as a surprise to the markets, which were betting that a better offer would emerge. Equinox shares slipped below Barrick’s C$8.15-a-share offer price, a sign that investors no longer expect another bidder, while Minmetals shares fell by 9 per cent to HK$5.19 in Hong Kong.
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