Business
S.Africa, Zambia approve bid by Chinese company
Tuesday, October 4, 2011
South Africa and Zambia have approved the US$1.1 billion bid by China’s Jinchuan Group for copper and cobalt producer Metorex, bringing closer prospects for the deal to be finalized by November.
Metorex said on Tuesday that South Africa’s Competition Commission and Zambia’s Competition and Consumer Protection Commission have both backed the acquisition.
Some analysts have said the sharply falling copper price may affect Jinchuan’s appetite for the bid but UBS said in a note the fundamentals for the deal were still strong.