RPT-UPDATE 1-Australia has no objection to Equinox deal

Wed Apr 6, 2011 10:21pm GMT
 

(Repeats story first published April 6)

* Offer is yet to commence

* Some third parties may still need FIRB nod - Minmetals (Adds detail, background)

HONG KONG, April 6 (Reuters) - Minmetals Resources (1208.HK: Quote) said Australia's Foreign Investment Review Board has said the government has no objection to China's biggest metals trader's proposed offer to buy Equinox Minerals EQN.AX EQN.TO.

Earlier this week, Minmetals offered $6.5 billion to buy Equinox. [ID:nL3E7F30DI].

Minmetals said on Wednesday some third parties may still require FIRB approval as the proposed acquisition was planned to be financed by way of equity, including financial investments in company by Chinese institutions.

The offer is yet to commence, Minmetals said.

The offer is conditional on Equinox dropping a C$4.7 billion bid ($4.9 billion) for Canadian group Lundin Mining (LUN.TO: Quote) which has been the subject of a separate takeover tussle between Equinox and Inmet Mining IMN.TO. (Reporting by Denny Thomas; Editing by Dan Lalor)

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