The Polish state-owned mining company KGHM is a step closer to its biggest foreign acquisition ever, after 78 percent of the shareholders in the Canadian company Quadra approved the transaction. The PLN 10bn acquisition would see KGHM increase its copper production by 25 percent this year, and by another 50 percent by the end of 2018. Not seen as a hostile takeover, the deal should close by the end of Q1 2012, and would push the Polish company into the fourth spot globally on the list of the world’s largest providers of raw materials. However, the Polish giant still has to wait for the transaction to be approved by the Supreme Court of British Columbia and by the Canadian Minister of Industry. After this, it could proceed with taking over Quadra’s Sierra Gorda project in Chile, writes Dziennik Gazeta Prawna.
