First Quantum acquires Adastra for US$275 million

On May 1, 2006, First Quantum Minerals Ltd. ended a four-month takeover bid for Adastra Minerals Inc. by announcing that it had acquired control of the London-based copper and cobalt miner in a deal valued at about $275 million. First Quantum has acquired 72% of the outstanding common shares of Adastra and plans to take up the remaining shares. Fasken Martineau represented First Quantum with a team led by John Turner that included Greg Ho Yuen, Daniel Batista, Benjamin Lee (securities), Anthony Baldanza and Mark Warner (competition) and Mitchell Thaw (tax). Amanda Field and Michael Gleeson, students-at-law, assisted the team.