Markets

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

"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 Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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

Other Topics

Commodities

Latest Markets Videos