Asia: Minmetals forges golden path to OZ
Euromoney, is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024
Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement
CAPITAL MARKETS

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. Only it didn’t happen. Besieged by political objections from Australian politicians fearing the sale of precious assets to China, and by business objections from Rio shareholders unhappy at terms struck near the bottom of the market, the deal was cancelled in June.

Gift this article