China's Minmetals Resources (1208.HK) C$6.3 billion bid for Equinox Mineral (EQN.TO) is the perfect test case for state-controlled Chinese entities looking to acquire overseas mining assets, Canadian bankers told the Reuters Global Mergers and Acquisitions Summit on Tuesday. Equinox, target of an unsolicited offer from Chinese metals trader Minmetals, is a Canadian company with listings in both Canada and Australia. While the majority of its board is based in Canada, Equinox's chief executive is based in Australia and its assets are spread across Africa and the Middle East. "I don't think they could have picked a better target, or timing to try a hostile bid and see what the reaction is," said John Tuer, managing director for mergers and acquisitions at Scotia Capital, while speaking at the Toronto-leg of the Reuters Summit.
Source
