The board of South African copper miner Metorex officially recommended a takeover offer by Jinchuan Group, China’s largest nickel producer, and pledged not to consider other offers, Bloomberg reported. The move comes shortly after the Brazilian mining giant Vale (VALE.NYSE, 6210.HK, VALE.Euronext), which had originally made an offer for the firm, abandoned its bid. Jinchuan later countered with an offer 21% higher than Vale, which the Brazilian firm refused to outbid. Metorex will pay Vale US$11 million as a break-up fee. The acquisition of Metorex will give Jinchuan access to large copper mines in Congo and Zambia. Metorex is the latest in a string of takeovers by the Chinese miner over the past year.
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