Shares of Inmet Mining Corp jumped Monday after First Quantum Minerals Ltd sweetened its offer for its Canadian rival to C$5.1 billion ($5.2 billion) and said it was taking the deal directly to shareholders in a bid to control one of the world's largest untapped copper deposits.The C$72-a-share cash and paper offer, announced by First Quantum on Sunday, tops its earlier offers of C$62.50 and C$70, both rejected by Inmet's board.The now-hostile offer sent shares of Toronto-based Inmet up more than 5 percent on Monday to as high as C$74 as investors bet that Vancouver-based First Quantum would sweeten its offer once again.Analysts said the company might up the ante to secure the blessing of Inmet's board and gain access to the books on its giant Cobre Panama project in Central America.
First Quantum Minerals Ltd. (First Quantum) is a mineral exploration, development and mining company. Shares of FM fell by 4.01% or $-0.84/share to $20.11. In the past year, the shares have traded as low as $16.46 and as high as $25.00. On average, 1478650 shares of FM.TO exchange hands on a given day and today's volume is recorded at 5081638.
Inmet Mining Corporation is a global mining company that produces base metals with a focus on copper. Shares of IMN traded higher by 4.32% or $3.02/share to $72.85. 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 1626508.
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