After nearly three months in a trading hiatus, shares in OZ Minerals have jumped as much as 33 per cent in early trade today, boosted by yesterday's $2.6 billion takeover by China's Minmetals.
After nearly three months in a trading hiatus, shares in OZ Minerals have jumped as much as 33 per cent in early trade today, boosted by yesterday's $2.6 billion takeover by China's Minmetals.
Shares in the debt-laden miner jumped from its last traded price in late November of 55 cents to a high this morning of 73c, before easing to 69c at 10:45 AEDT.
Minmetals is offering 82.5c for each OZ share, with the proposed acquisition to be completed through a scheme of arrangement.
OZ has recommended the offer to its shareholders.
The Minmetals offer comes a week after Rio Tinto stitched up a deal with Chinalco, which will spend $US19.5 billion to take up to an 18 per cent stake in the mining giant.
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