Nickel shares driven high on Jubilee takeover

The takeover frenzy around nickel added more than $1.8 billion to the market value of listed nickel producers today, after Swiss group Xstrata stunned the market with a $3.1 billion bid for Perth-based Jubilee Mines NL.

Xstrata's friendly bid saw Jubilee's market cap leap by $1.24 billion to reach above $3.12 billion.

South Perth-based Independence Group NL gained almost 14 per cent or more than $100 million in market capitalisation to hit $6.83 per share, valuing the company at about $785 million.

Perth company Sally Malay Mining Ltd was not far behind, leaping more than 12 per cent to $5.51 per share, adding more than $130 million to its market capitalisation which stood at around $1 billion.

West Perth companies Mincor Resources NL and Western Areas NL also shared the spoils. Mincor was up 6.8 per cent to $4.84 per share, adding around $60 million to its market value which now stands at almost $960 million, while Western Areas NL was up 7.8 per cent to $5.50 per share, increasing its value by around $72 million to reach $915 million.

Minara Resources Ltd, which is majority owned by Swiss group Glencore, added 7.1 per cent to hit $6.48 per share. That was a $200 million-plus jump to be valued at just over $3 billion.