TSX adds extra 70 Pts over final hour, buoyed by Lundin bid and Economic Data
Toronto's main stock index added an extra 70 points over the final hour to end Monday's session up by 84 points, buoyed by a multi billion dollar offer for Lundin Mining and data that showed the Canadian economy grew faster than expected in December.
Lundin Mining Corp (LUN.TO) shares closed up nearly 20% at $7.65 (it touched a day high $7.85) and more than 30 million of its shares traded as the miner said board members are evaluating a buyout offer from Equinox Minerals (EQN.TO) and will communicate a recommendation to Lundin shareholders as soon as possible.
In a statement, Lundin confirmed the reported $8.10 a share offer from Equinox, representing a cash and stock transaction worth about C$4.8 bln. The proposed deal may scupper Lundin's planned $9-billion "merger of equals" with fellow copper miner Inmet Mining Corp (IMN.TO).
Equinox shares were off nearly 9% at $5.73; Inmet shares were down 49 cents at $66.81, but well off a day low $65.31.
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