Inmet Mining denies takeover talks, shares slide |
| Reuters Canada - Nov 13, 2012 |
Canada's Inmet Mining Corp (IMN.TO: Quote) 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 nearly 3 percent.
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: Quote).
The paper's unsourced article speculated a takeover bid could be worth as much as C$5 billion ($5 billion). Inmet's market cap, as of market close on Monday, was nearly C$4 billion.
Shares of Inmet fell 2.96 percent to C$55.80 on Tuesday morning on the Toronto Stock Exchange after the company denied the takeover rumors.
The Toronto-based miner said it remains focused on the construction and development of its $6.2 billion Cobre Panama project in Central America.
Read Full Article from Reuters Canada
- Posted: 2012-11-13 15:08:01
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