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...DealBook notes Minmetals’ strategy in Canada has been controversial given its aborted 2004 bid for the country’s largest miner, Noranda....
...In 2005, Minmetals made a $5bn bid for Noranda, another Canadian mining company, but later left the bidding. That offer triggered strong political opposition in Canada....
...The mining group had said it would review the aluminium assets after it inherited them as part of its $19bn acquisition of Canada’s Falconbridge last year, and that a decision would be made in the first...
...Having been outbid for WMC Resources this spring, mining group Xstrata is locking up its next target....
...Several mining groups, including China's Minmetals, held discussions last year about acquiring Noranda, one of Falconbridge's predecessor companies....
...Earlier this year Falconbridge merged with fellow Canadian miner Noranda to form a copper and nickel producer....
...Minmetals' talks with Noranda were widely hailed as the start of a wave of overseas acquisitions by Chinese mining and energy groups, but none has so far materialised....
...mining group....
...foray by a Chinese company in search of raw materials, Minmetals, the state-owned group, will initially invest $550m to obtain a 50 per cent stake in a joint venture with Codelco, the state-owned Chilean mining...
...Last month, the computer maker Lenovo bought IBM's personal computer business for US$1.75bn, while state-owned Minmetals offered about US$5bn in a failed attempt to buy Noranda, the Canadian mining giant...
...China's Minmetals is currently negotiating a takeover of Noranda, one of Canada's biggest mining groups, and other prospective bidders are in the wings....
...And there will be Chinese companies going outside but recent cases - Minmetals' struggle to buy the Canadian mining group Noranda, CNOOC's far-fetched plan to take over the US oil group Unocal - suggest...
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