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Asia: Minmetals forges golden path to OZ

Chinese bids for foreign natural resources often failed; Minmetals succeeded.

Deal: $1.386 billion sale of mining assets by OZ Minerals
Acquirer: China Minmetals Non-Ferrous Metals Co
Seller: OZ Minerals
Advisers: UBS (to Minmetals), Caliburn Partnership, Goldman Sachs JBWere (to OZ)
Date: June 11 2009

It was a bigger deal that for the first half of 2009 squatted in the headlines of the business papers and at the top of the M&A league tables, refusing to budge and squashing the competition. Chinalco’s $19.5 billion investment in Anglo-Australian mining group Rio Tinto would have been the largest ever investment in a foreign company by a Chinese firm – the deal to stand as the flagbearer for China’s drive to acquire overseas resources.

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