First Quantum Minerals Ltd on Wednesday 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 were trading just above the offer price at C$72.4 0 on Wednesday at midday on the Toronto Stock Exchange, while First Quantum's stock was down 3. 2 p ercent at C$20. 8 5 .T he latest offer, first outlined in mid-December, follows an initial bid of C $62.50 put forward in October. The next month, First Quatum r aised it s bid to C$70.
First Quantum Minerals Ltd. (First Quantum) is a mineral exploration, development and mining company. Shares of FM fell by 3.62% or $-0.78/share to $20.76. 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 1132252.
Inmet Mining Corporation is a global mining company that produces base metals with a focus on copper. Shares of IMN traded higher by 0.12% or $0.09/share to $72.34. 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 398743.
Source
