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Monday, December 17, 2012

First Quantum goes hostile with sweetened bid for Inmet, (TSE: IMN.TO)

Miner First Quantum launched a sweetened offer for Canadian rival Inmet Mining , taking to shareholders a deal that values the owner of the giant Cobre Panama copper project at about C$5.1 billion ($5.2 billion).The offer of an improved C$72 per share, compares with two previous approaches that valued Inmet at C$70 and C$62.50 per share - both rejected by the miner's board.The deal would create what First Quantum says would be one of the world's top copper producers.Inmet's shares rose 5.58 percent to C$73.73 on Monday shortly after markets opened on the Toronto Stock Exchange. First Quantum's shares were down 3.2 percent at C$20.28.

Inmet Mining Corporation is a global mining company that produces base metals with a focus on copper. Shares of IMN traded higher by 4.54% or $3.17/share to $73.00. In the past year, the shares have traded as low as $37.01 and as high as $70.75. On average, 507053 shares of IMN.TO exchange hands on a given day and today's volume is recorded at 560374.