Market Chatter: Inmet Mining Denies Takeover Talks, Shares Slide
Inmet Mining Corp (IMN.TO) said on Tuesday it is not in talks "with any party" to sell itself or a substantial part of its assets, sending its shares down as much as 3%, Reuters reported.
The statement from the base metal miner followed a report late on Monday on the website of Britain's Daily Mail newspaper that suggested the company had held informal tie-up talks with larger rival First Quantum Minerals Ltd (FM.TO).
The paper's unsourced article speculated a takeover bid could be worth as much as $5 billion. Inmet's market cap, as of market close on Monday, was nearly $4 billion.
The Toronto-based miner said it remains focused on the construction and development of its $6.2 billion Cobre Panama project in Central America.
Inmet holds an 80% stake in the massive Panamanian copper project, with the remaining interest held by a Korean consortium. The company confirmed earlier this month that it remains open to selling another minority stake in the project.
Inmet recently backed away from a takeover of its own after its $130 million hostile bid for Petaquilla Minerals Ltd (PTQ.TO) failed to secure shareholder support.
IMN shares were down $1.76 to $55.74 on volume of nearly 618,000.
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