Did anyone listen to Q&A in Miami??
FQM is probably going to extend offer to finish up regulatory requirement prior to taking over Inmet. Are you guys that far behind the curve???
* First Quantum says some regulatory hurdles remain
* Inmet, First Quantum shares move higher
Feb 26 (Reuters) - First Quantum Minerals Ltd may extend its hostile C$5.1 billion ($4.97 billion) bid for rival base metal miner Inmet Mining Corp by a few days, President Clive Newall said on Tuesday.
"There are a number of regulatory hurdles to go over, and we hope they'll all be done by tomorrow, but we may need to extend slightly," Newall said while addressing investors at the BMO Metals & Mining conference in Hollywood, Florida.
The C$72-a-share bid is set to expire on Wednesday at 1700 EST (2200 GMT). The offer, announced in mid-December, tops First Quantum's earlier bids of C$62.50 and C$70 per share.
Last month, Inmet asked its shareholders to reject First Quantum's offer, calling it inadequate. The company said it was in talks with third parties for alternative deals.
The bid, however, already has the support of Inmet's largest shareholder Leucadia National Corp, which according to the latest Thomson Reuters data has a stake of roughly 16 percent.
"This vision of creating the new global company is certainly shared by their largest shareholder," Newall said. "And what we're seeking here, and have been for the last few weeks, is to try and persuade all Inmet shareholders to share this vision."
If First Quantum succeeds with its bid, the company would gain control of the Cobre Panama project. The massive project in the Central American Republic of Panama has one of the world's largest undeveloped copper deposits, which would ease the company's dependence on sites in Africa and particularly Zambia.
In response to a question, Newall said First Quantum has engaged with the Inmet board throughout the process, but he declined to provide any details on where things stand.
Inmet shares were up 1.1 percent at C$66.30 in morning trading on the Toronto Stock Exchange, while First Quantum rose 1.3 percent to C$18.65.
AI
