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Minmetals Resources issued a $6.3 billion takeover offer to Iquinox Minerals Co., Ltd. and is expected to complete the acquisition by the middle of this year. Minmetals bids $6.5 billion for Saudi Zambia copper mine China Minmetals Corporation's Minmetals Resources Co., Ltd. (Minmetals Resources, 1208.HK) announced on the 4th that it is listed in Canada and Australia. Equinox Minerals Ltd. issued an offer of 6.3 billion Canadian dollars (about 6.5 billion US dollars) and is expected to complete the acquisition by the middle of this year. This is the largest acquisition by Chinese-funded companies for Australian resource companies, and it may also become China's fourth largest overseas M&A case. Affected by the M&A news, Equinox closed at 7.25 Canadian dollars (about 7.8 US dollars) on the Toronto Stock Exchange on the 4th, up 32.22%. "High premium" cash acquisition According to the announcement issued by Minmetals Resources on the 4th, the company's offer for Equinox is 7 Canadian dollars (about 7.2 US dollars) per share, compared with the latter's closing price of 5.71 per share on April 1st. Yuan (about 5.9 US dollars) is 23% higher, 33% higher than the weighted average price of the latter 20 trading days. The offer was made a week before Equinox negotiated a $4.7 billion bid for Lundin Mining. Ausbil Dexia Chief Executive Paul Xiradis said that Equinox itself announced on February 28 that it would acquire Lundin Mining for C$4.8 billion. Shareholders generally did not welcome the acquisition, which caused Equinox's share price to fall 8% from the pre-acquisition level. . Xiradis pointed out that the stock price drop in the previous period has created an acquisition opportunity, but at this time the acquisition is somewhat speculative. The purchase price of C$7 per share proposed by Minmetals Resources is “not particularly prominent, but within reasonable limitsâ€. Ausbil Dexia is the largest shareholder of Equinox's Australian-listed company. For the quotation, Reuters quoted Andrew Michelmore, chief executive of Minmetals Resources, on the 5th as saying, “This is a very good and hard-to-resist quotation. We are willing to pay in advance.†It is worth noting that The acquisition of Minmetals Resources is believed to be aimed at undermining Equinox's bidding plan for Lundin Mining. The acquisition condition of Minmetals Resources is that Equinox must abandon its offer of 4.7 billion Canadian dollars (about 4.86 billion US dollars) to Lundin Mining Corp. On the 5th, Equinox stated that the company will postpone the holding of a general meeting of shareholders for the acquisition of Lundin Mining. Equinox said that the meeting scheduled for April 11th will be postponed until April 26, leaving shareholders with time to consider the company's board of directors' recommendations. The acquisition of Minmetals Resources in the high copper price era said that Equinox currently concentrates on operating its large Lumwana copper mine, which is 100% owned by Zambia (the copper mine currently produces 145,000 tons of copper, and plans to expand production to 260,000 tons per year in five years). And the Jabal Sayid copper and gold project in the Kingdom of Saudi Arabia (the project is expected to produce an average of 60,000 tons of copper per year and is scheduled to go into production in 2012). The Wall Street Journal quoted Miander as saying that the company has been considering acquiring Equinox for more than a year and currently holds a 4.2% stake in Equinox. Since last year, copper prices have risen rapidly, making Minmetals urgently need to increase copper reserves. Together with Equinox's acquisition of Lundin Mining, the shareholding of Minmetals, which holds approximately 4.2% of Equinox's equity, will be diluted, which will also increase Equinox's liabilities. Therefore, it is better to take the initiative to merge with its equity. Minmetals Resources said that the acquisition is in line with the strategic strategy of the Minmetals resources to concentrate on the upstream basic metals business, and will expand and extend the production capacity of Minmetals resources. There is still concern in the market – given the large capital expenditures of Minmetals resources, the leverage ratio is already high. Thomson Reuters' base point cites banking sources as saying that Minmetals Resources is finalizing a loan of about $5 billion for the acquisition of Equinox Mining. Chinese banks that Minmetals Resources approached include Bank of China (3.37, 0.04, 1.20%) and China Development Bank, as well as banks in Europe and Japan. Miand responded to outside concerns on the 4th. Miande said that Equinox is now profitable, and the latest deals can bring stable cash flow and dilutive liabilities to the company. Trader Miander Since Equinox has headquarters in Canada and Australia, even if the company's board of directors approves the acquisition plan, the transaction needs to be approved by the regulatory authorities of both countries. The Wall Street Journal also quoted Mi Ander on the 5th that on May 11th, Minmetals Resources filed an application with the Australian Foreign Investment Review Board. He expects no approval from the Australian Foreign Investment Review Board and the Canadian regulatory authorities. In addition, applications to Chinese regulators such as the China National Development and Reform Commission are also underway. Miander said that these institutions are not expected to hinder the company's goal of completing the transaction in the middle of this year. Miander, the mining industry's old rivers and lakes, former global rowing champion and Rhodes scholarship winner, has a legendary career. He has hosted some of Australia's largest resource deals, and his mining company Zinifex in 2008. Merged with Oxiana for OZ Minerals. But in the second year, as the price of metal plummeted, the latter collapsed due to the high debt. Later, Minmetals Resources took over the acquisition, and Miander began the road of overseas expansion of Minmetals. According to outside analysis, the acquisition proposal of Minmetals Resources is a test for Australian regulators. It can be seen from the attitude of Australian regulators on the acquisition proposal from China for Australian listed companies whose assets are mainly overseas. China accounts for 40% of global copper demand. Previously, Chinese companies frequently made large acquisitions of Australian resource assets. These transactions were carefully reviewed by the Australian Foreign Investment Review Board and faced enormous political pressure. While Equinox's assets are mainly concentrated in Zambia, the above reasons are difficult to establish for the transaction.