Inmet Mining Corp Shares Fall 5%, Denies Takeover Talks

Reuters reported Canada’s Inmet Mining Corp (TSX:IMN) denies that it is in takeover talks following a drop in shares by 5% and a report in The Daily Mail.

As quoted in the market news:

The statement from the base metal miner followed a report late on Monday on the website of the Daily Mail newspaper that suggested the company had held informal tie-up talks with larger rival First Quantum Minerals Ltd.

The newspaper article, which was unsourced, speculated that a takeover bid could be worth as much as C$5 billion (US$5 billion). Inmet’s market capitalization, as of the close of the market on Monday, was nearly C$4 billion.

Click here to read the full Reuters report.