Hudbay investor Waterton Global opposes Mantos acquisition

Waterton Global Resource Management has issued a letter to the board of Hudbay Minerals Inc (TSX, NYSE: HBM), calling for an end to discussions or plans to acquire Mantos Copper SA. Bloomberg reported this week that Hudbay, a Toronto-based mining company, is in talks to buy Chile's Mantos for as much as $1 billion. Waterton, a Canadian mining private equity firm, holds about 4.8 percent of Hudbay's issued and outstanding shares. In the letter, the firm said Hudbay should not be engaging in any "material acquisitions" at this time due to its "current underperformance and discounted valuation."

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