Sat, Apr 09, 2011 - Page 10 News List

World Business Quick Take

Agencies

MINING

Equinox breaks bid silence

Australian copper miner Equinox Minerals yesterday broke its silence on a takeover bid by China’s Minmetals Resources (五礦資源), calling it “opportunistic” and “lowball.” Earlier this week, Minmetals said it would offer US$6.5 billion for Equinox in what would be the biggest Chinese takeover of an Australian resources firm. The offer would see Minmetals pay C$7 (US$7.33) per share for a company listed in both Canada and Australia, meaning regulators in both countries need to approve the deal. Minmetals currently owns 4.2 percent of Equinox. In a statement, Equinox said the offer price of C$7 per share was a “low premium” and a “fraction of premiums paid in recent acquisitions of base metal mining companies.”

MINING

Rio Tinto gains control

Anglo-Australian mining company Rio Tinto says it has gained control of Riversdale Mining by raising its share stake above 50 percent. Rio Tinto said yesterday it hopes to increase its holding further as its takeover offer of A$16.50 (US$17.25) per share remains open until April 20. Rio Tinto’s holding exceeds the combined 47 percent stake of India’s Tata Steel and Brazil’s CSN. Tata has a separate 35 percent stake in Riversdale’s key Benga coal mine in Mozambique. Australia-based Riversdale owns another major project in Mozambique and controls the Zululand Anthracite operation in South Africa.

AUTOMOBILES

Toyota to restart all plants

Japanese automaker Toyota said yesterday it would restart all domestic assembly plants on April 18, more than a month after they were brought to a halt following the nation’s biggest recorded earthquake. “Toyota will start operating its assembly plants from the morning shift of April 18 until April 27,” a company spokesman said. Plants will then become idle for the Golden Week holiday season, as they do every year, he said, adding that no decision had been made for the post-Golden Week schedule. The restart plan comes as a boost to an automaker that on Wednesday was threatened with a downgrade of its long-term credit rating by Moody’s.

COMMUNICATIONS

Content dispute in court

Time Warner Cable Inc and Viacom Inc have taken their dispute over what content can be put on the cable company’s iPad app to a federal court in New York City. The companies filed lawsuits against each other on Thursday, asking the court to decide the issue. The lawsuits were filed after Time Warner agreed to drop a dozen cable channels from the popular tablet computer sold by Cupertino, California-based Apple Inc. News Corp’s Fox Cable Networks, Viacom and Discovery Communications Inc asked Time Warner to pull their programming from its iPad app. They said putting the programs on it was violating their programming contracts. The media companies say Time Warner should pay more money to distribute on devices other than television sets. Time Warner says existing contracts already provide it with the necessary rights.

PETROCHEMICALS

Daelim to build new plant

South Korean builder Daelim Industrial said yesterday it has won a US$318 million order to build a petrochemical plant in the Philippines. Daelim said it would complete the plant by November under a deal with Petron, the Philippines’ largest oil refining firm. The company said the plant would be built in Limay, on the northern island of Luzon.

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