Philex says no need for FirstPac tender offer

Posted at 12/07/2009 6:24 PM | Updated as of 12/08/2009 11:48 AM

MANILA - Philex Mining Corp. said on Monday it did not believe Hong Kong's First Pacific Co. Ltd. was required to make a takeover offer for the top Philippine miner after lifting its stake to 40.7% last week.

Philex told Manila's stock exchange that First Pacific's purchase of an additional 9.2% on December 3 was made more than a year after the conglomerate's initial acquisition of a 20.06% stake in the miner, freeing it of any obligation to make a tender offer for the rest of Philex shares.

"We are of the opinion that no tender offer is triggered under the rules," Philex said in a statement.

Investors who acquire at least 35% of a company within a period of one year are required to make an offer for the remaining shares under Philippine laws.

First Pacific last week bought the additional 9.2% interest in Philex for about $202 million, bringing its ownership to 40.7%.