UPDATE 1-HudBay says exec departures not due to disagreement

* CFO says company eyeing M&A, was in talks during summer

* Search for new CEO to take 3-5 months

TORONTO, Dec 7 (Reuters) - The recently announced departure of HudBay Minerals' <HBM.TO> top two executives does not reflect disagreements over strategy or acquisitions, the company's CFO said on Monday.

Chief Financial Officer David Bryson added that HudBay is seeking takeovers and that over the summer it considered some significant deals but was ultimately dissuaded by price.

The Canadian company's shares have been largely in decline since it announced on Nov. 12 that newly appointed Chief Executive Peter Jones will retire at the end of the year and that Chief Operating Officer Michael Winship would step down immediately.

Jones had started his second stint as the company's CEO only in March. He initially stepped down as CEO in early 2008, and was replaced by Allen Palmiere, who then resigned in March of this year after unsuccessfully trying to acquire fellow base metals miner Lundin Mining <LUN.TO>.

HudBay expects to take about three to five months to find Jones's replacement, Bryson said at a mining conference in Toronto, adding that the company is hoping to gain some stability at its head office after two years of revolving doors.

"Nobody has any interest in having any new CEO changes at HudBay once the new person is identified," he said.

Bryson said the company is continuing to seek acquisitions -- which has been one of the its stated goals, along with developing its Lalor zinc-gold find in Manitoba -- and said HudBay had considered potential deals during the summer.

"We've looked at significant acquisition opportunities over the summer, but we've walked away from them on price," he said.

Some analysts have speculated that Jones's departure was related to a perceived reluctance to make significant acquisitions, which is believed to be a reason behind his resignation in early 2008.

"Those changes did not reflect a disagreement over strategy, did not reflect a disagreement over M&A interests," he said.

The company's shares were down 21 Canadian cents at C$13.97 on the Toronto Stock Exchange late on Monday morning.

($1=$1.05 Canadian) (Reporting by Cameron French; editing by Peter Galloway)