Oxiana Acquires Zinifex

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This week CFW reports on yet another mining takeover bid which highlights the growing trend for global mining sector consolidation, driven by expectations that strong consumer demand will continue, particularly from China and India. Oxiana's US$5.7bn bid for Zinifex, both Australian companies, will create Australia's third largest diversified company by market value, trailing its compatriots Rio Tinto and BHP Billiton. BHP Billiton offered US$147bn for Rio Tinto in November 2007, while Brazil's Vale launched a US$90bn takeover bid for Xstrata early this year, neither deal has been finalised. The acquisition of Xstrata by Vale would create the world's largest