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Bidding battle seen for Katanga Add to ...

Katanga Mining Ltd. shares are still slipping on Wednesday, even though Blackmont Capital predicts a formal stock swap from Britain's Central African Mining & Exploration will be trumped with a higher offer. Analyst George Topping says that at current prices, the Central African offer is equivalent to $17.92 for a Katanga share, which has dropped $1.14 to $20.55 on the TSX. Mr. Topping writes that RP Capital is pressing for a merger between British copper miner Nikanor PLC and Katanga and "we believe that a bid from Nikanor is likely." Some of the other companies that have reportedly visited Katanga's data room include First Quantum Minerals Ltd., Switzerland's Glencore International AG, Xstrata PLC, and Anglo American PLC, he adds.

 

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