UPDATE: Market Chatter: First Quantum Confident Inmet Holders to Follow Leucadia's Lead

By Midnight Trader,  January 11, 2013, 09:42:03 AM EDT

"First Quantum Minerals Ltd. (FM.TO) said it's confident other investors will follow the lead of Inmet Mining Corp.'s (IMN.TO) biggest shareholder and back its C$5.1 billion ($5.2 billion) hostile bid," Bloomberg reported.

It said: "Leucadia National Corp., which owns a 16% stake in Inmet, said yesterday it plans to tender shares in the Canadian mining company in support of First Quantum's takeover proposal. First Quantum took the C$72-a-share offer in cash and stock straight to Inmet investors on Jan. 9 after twice being snubbed by the Toronto-based company's board."

Inmet is down 27 cents at $71.65 but above a day low $71.53. FM is flat at $21.05.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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