Copper miner First Quantum Minerals (FQM) has succeeded in its C$5.1bn (£3.3bn) hostile takeover bid for Inmet Mining (IMN-T), with Inmet's directors formally capitulating after First Quantum announced it had taken up 85.5 per cent of its rival's shares. First Quantum investors can breathe a sigh of relief that the deal didn't end in an expensive bidding war for Inmet's prize development asset, the Cobre copper project in Panama.
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This is a positive for the company in the short term, but it will still cost First Quantum a whopping $6.2bn (£4.1bn) to build the new mine. The daring bet comes at a time when most of the company's peers are shying away from expensive takeovers and large capital-spending projects.
