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TSX Closes Up 150 Pts; Lundin Mining Leads The Way

Toronto's main stock index held pretty steady over the final hour or so to end Wednesday's session up by around 150 points.

Boosting the overall index was Lundin Mining Corp (LUN.TO), which was easily the most actively traded stock on the TSX with more than 21 million shares traded. It closed up nearly 5% at $7.96, having touched a day high $8.14, which was shy of a year high $8.22.

Australia's Equinox Minerals (EQN.TO) reportedly said on Wednesday its unsolicited $4.5 billion offer for Lundin was the most attractive option for Lundin's shareholders. This came after Canadian base metal miners Lundin and Inmet Mining (IMN.TO) on Tuesday scrapped a plan to merge and create a $9 billion copper miner.

Lundin also adopted a poison pill takeover defense, announced plans to seek other bidders and urged shareholders to reject the Equinox bid, arguing that it undervalued the company and was fraught with risks, Reuters reported.

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

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