Diversified specialty chemicals company Om Group Inc said it will exit its core advanced materials business and sell its downstream part to a joint venture led by Freeport-McMoRan Copper & Gold Inc in a deal valued up to $435 million. The sale will include Om Group's cobalt refinery assets in Kokkola, Finland."(The divestiture) is consistent with our strategy to move up the value chain into technology-based businesses," Chief Executive Joe Scaminace said.The joint venture also includes Canada-based Lundin Mining Corp and Congo's state-owned mining company Gecamines.Freeport-McMoRan will own 56 percent and be the operator of the joint venture. Lundin will hold 24 percent and Gecamines the rest, Lundin said.
Freeport-McMoRan Copper & Gold Inc. (FCX) is an international mining company. Shares of FCX fell by 1.29% or $-0.44/share to $33.64. In the past year, the shares have traded as low as $30.54 and as high as $48.96. On average, 19237800 shares of FCX exchange hands on a given day and today's volume is recorded at 16633880.
Lundin Mining Corporation (Lundin) is a diversified Canadian-base metals mining company with operations in Portugal, Sweden, Spain and Ireland, producing copper, zinc, lead and nickel. Shares of LUN traded higher by 1.96% or $0.1/share to $5.19. In the past year, the shares have traded as low as $3.70 and as high as $5.54. On average, 1908600 shares of LUN.TO exchange hands on a given day and today's volume is recorded at 915174.
OM Group, Inc. is a diversified specialty chemicals and materials company serving global markets, including mobile energy storage, electronic devices, renewable energy and automotive systems. Shares of OMG fell by 0.39% or $-0.09/share to $23.18. In the past year, the shares have traded as low as $15.12 and as high as $31.26. On average, 266867 shares of OMG exchange hands on a given day and today's volume is recorded at 194768.
Source
