0020 GMT [Dow Jones] First Quantum Minerals' (FM.T) decision to sell 16% holding in Canadian listing of Equinox Minerals (EQN.AU) prompts stock's 4.6% fall in Australian listing: EQN down 4.4% at A$6.07. Move shouldn't throw spanner in works of Equinox's majority-scrip takeover of Citadel Resource (CGG.AU), but fact that no keystone buyer has stepped forward--RBC, BMO soliciting buyers for First Quantum's 113.8 million shares--takes shine off takeover premium now hanging around most listed copper producers. "I'm sure the first thing RBC would have done is call round all the major miners and said, 'I've got a big stake in Equinox'," says BBY analyst Gavin van der Wath. "This would be an ideal foothold in the company; you'd just need to buy up to 19% and then launch your takeover, but if no one's buying I suspect it's because the stock is too expensive."
CGG Price at posting:
52.5¢ Sentiment: Hold Disclosure: Held