Lundin labels suitor Equinox hypocritical

Company News

Copper miner Equinox Minerals Ltd’s (ASX:EQN) takeover target, Canadian-listed Lundin Mining, has labelled its suitor “hypocritical".

Equinox has extended its $4.8 billion hostile bid for Lundin, while at the same time being a $6.3 billion take-over target itself from Hong-Hong listed Minmetals Resources.

Last week Equinox CEO Craig Williams said Minmetals Resources bid was "clearly opportunistic and seeks to frustrate Equinox's offer for Lundin Mining".

Responding to this, Lundin's CEO Phil Wright says Equinox’s position "seems very hypocritical" as the company is asking Lundin "to accept an offer that is significantly worse".

Lundin’s board has recommended shareholders reject Equinox’s offer.

In the 2010 calendar year Equinox Minerals rebounded from a loss to post a net profit of $265 million.

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?