hmmm c,mon PNA where is this next leg up to test a new high ... waiting here patiently
how about another rumour to kick things along a little:
M&A to dominate 2008
Rebecca Lawson Tuesday, January 08, 2008
OXIANA is tipped as the logical bidder for several Australian stocks in the coming year, which looks set to be dominated by mergers and acquisitions for upcoming producers, according to Eagle Research Advisory.
In his annual review, analyst Keith Goode said possible premiums of around 35-40% could be paid in takeover offers, with M&A activity likely to centre on rising Australian gold and base metal producers as potential bidders wait for mines to come into production.
Oxiana received several mentions in the review, with Goode saying the gold and base metals producer was a good and logical match for previously flagged target Equinox.
Goode believes Jabiru Metals could also be another logical target for Oxiana if Ukrainian investment group Palmary Enterprises sells Consolidated Minerals' 27.6% stake.
Palmary was the eventual winner in the battle for ConsMin and now holds a 95.37% stake. The company has not yet made its intentions known as to whether it will compulsorily acquire the remaining shares in the manganese miner.
Pan Australian Resources was another possible takeover target raised by Goode, with the rationale behind the match centring on both companies' Laos assets. Oxiana operates the Sepon copper-gold mine in Laos while PanAust owns the Phu Kham copper-gold mine.
PNA Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
