Loading ...Canada’s Nevsun Resources (TSX, NYSEMKT:NSU) said Tuesday that Zijin Mining had received approval from Chinese and Canadian authorities for its proposed friendly $1.41 billion-takeover bid of the Vancouver-based miner.
Both the go-ahead granted by China’s State Administration of Foreign Exchange (SAFE) and the support by the Canadian Investment Canada Act (ICA), said Nevsun, were the final regulatory conditions for the completion of the deal, first announced in September.
Beijing-backed Zijin Mining’s offer beat an earlier hostile bid by Lundin Mining (TSX:LUN), and this is the latest move by the gold, copper and zinc miner to expand overseas.
China’s Zijin clears last regulatory condition for $1.4B Nevsun takeover