Polish company bids $3.5B for Sudbury mines

If a takeover deal goes through, a handful of Sudbury mines will have a new Polish owner.

Quadra-FNX has an agreement with KGHM, the ninth largest copper producer in the world.

Paul Blythe, Quadra-FNX CEO, said he wasn't looking to sell the company, but he couldn't ignore the $3.5 billion dollar offer. Blythe said the deal still has to be approved by shareholders and the federal government, but he doesn't anticipate any problems.

"They have a much stronger balance sheet than we do, so that means more investment in Canada," he said.

"From where we sat, as we assessed the situation and whether to assess the bid, we didn't think it was going to be an issue."

Quadra-FNX owns three mines in Sudbury and employs about 500 people.

Wess Dowsett, a spokesperson with the Steelworkers union that represents those workers, said he isn't worried because they just signed a three-year contract.

"I'm sure the question of foreign ownership will come up," he said.

"But even with the sale, I'm sure things will be relatively stable, because we do have a contract that is in place."

KGHMs largest shareholder is the Polish State Treasury, which holds a 32 per cent stake in the company. Shareholders are expected to vote on the deal in February.