Jinchuan Tops Vale With $1.3B Bid For Metorex

Law360, New York (July 5, 2011, 6:33 PM EDT) -- Metorex Ltd. said Tuesday that Chinese metals producer Jinchuan Group Ltd. had made a $1.3 billion bid for the South African copper miner, topping Vale SA's earlier $1.1 billion offer.

Jinchuan, China's largest nickel and cobalt producer, is attempting to snatch up Metorex with a cash offer of 8.90 South African rand ($1.33) per share, beating out Vale's April offer of 7.35 South African rand ($1.10) per share.

Metorex Chairman Rob Still called Jinchuan's offer a significant step in the sale of the metals producer, which...
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