First Quantum Minerals Ltd on Wednesday officially launched a hostile takeover bid for smaller rival Inmet Mining Corp, as the Canadian base metal miner looks to transform itself into a top global copper producer.First Quantum mailed its C$72-a-share offer to Inmet's shareholders, starting the clock on the takeover that values the smaller company at some C$5.1 billion ($5.17 billion).Inmet's shares climbed 0.79 percent to C$72.82 on Wednesday on the Toronto Stock Exchange, while First Quantum's stock was down 1.3 percent at C$21.26.If successful, the deal would give First Quantum control of the Cobre Panama copper project in Central America, which is one of the world's largest undeveloped copper deposits.
First Quantum Minerals Ltd. (First Quantum) is a mineral exploration, development and mining company. Shares of FM fell by 1.76% or $-0.38/share to $21.16. In the past year, the shares have traded as low as $16.46 and as high as $25.00. On average, 1506380 shares of FM.TO exchange hands on a given day and today's volume is recorded at 419587.
Inmet Mining Corporation is a global mining company that produces base metals with a focus on copper. Shares of IMN traded higher by 0.5% or $0.36/share to $72.61. In the past year, the shares have traded as low as $37.01 and as high as $75.40. On average, 448432 shares of IMN.TO exchange hands on a given day and today's volume is recorded at 222090.
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