Market Chatter: First Quantum Tells Inmet Any Stake Sale Is Inappropriate
"First Quantum Minerals Ltd. (FM.TO), in a letter to Inmet Mining Corp. (IMN.to), told the company "it's not the time" to sell a stake in its Cobre Panama copper project to thwart First Quantum's C$5.1 billion ($5.2 billion) hostile bid," Bloomberg reported Sunday.
It said: "Some Inmet shareholders have expressed concern that the Toronto-based copper producer is proposing to complete a sale of a further minority interest in the Cobre Panama project, First Quantum said in the letter released yesterday."
"The concerns are "apparently based upon discussions with a senior executive officer of Inmet," it added. "Neither the potential buyers nor the executive were identified."
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