Davies Ward Reps Minmetals In $1.3B African Mines Deal

Law360, New York (September 30, 2011, 3:13 PM EDT) -- China's state-owned Minmetals Resources Ltd. said Friday that it would pay $1.28 billion for Africa-focused Anvil Mining Ltd. to expand its global reach and access to copper mines.

Minmetals will pay $7.70 per share in cash for all the Australian-based miner's common stock in a friendly acquisition approved by Anvil's board, Minmetals said.

“Anvil provides an excellent platform and experience to further expand into the central African copper belt and Southern Africa,” Minmetals CEO Andrew Michelmore said during a conference call with investors and analysts Friday.

Minmetals, whose majority shareholder is China...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.