First Quantum Minerals Jumps on Bid Speculation: Vancouver Mover
First Quantum Minerals Ltd. (FM), Canada’s second-largest copper producer, gained the most in more than four months after U.K. newspapers speculated that the company may be a takeover target.
First Quantum rose 7.1 percent to C$19.69 at the close in Toronto, the most since Nov. 30.
There is “talk that Rio Tinto, Glencore and possibly a Chinese company may be looking” at First Quantum, The Guardian said on its website.
Rio Tinto Plc (RIO) and Anglo American Plc (AAL) are the most probable suitors for First Quantum, Ash Lazenby, a London-based analyst at Liberum Capital Ltd. said in a note today. The list of potential buyers is relatively small, he said.
First Quantum president Clive Newall didn’t return a call seeking comment. James Wyatt-Tilby, a spokesman for London-based Anglo American, declined to comment. Simon Buerk, a spokesman for Baar, Switzerland-based Glencore, and Tony Shaffer, a spokesman for London-based Rio, couldn’t be reached for comment.
Teck Resources Ltd. (TCK/B) is the biggest Canadian base-metals producer by revenue.
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