DJ MARKET TALK: Sally Malay Could Be Next M&A Story - Traders
0109 GMT [Dow Jones] Sally Malay (SMY.AU) up 7.4% at A$5.92, hits record high of A$5.97 on takeover speculation after Xstrata offered 35% premium for Jubilee Mines (JBM.AU) yesterday. Traders point to speculation that BHP (BHP.AU), Norilsk and Oxiana also had access to Jubilee data room. "They all had an opportunity to bid, but Xstrata was prepared to pay more, so that leaves three potential buyers, plus Zinifex (ZFX.AU), which is cashed up from their IPO. The market's figuring there are still three or four potential buyers out there. Whether they are going to pay up is another matter, but it certainly put a new valuation and attractiveness on the whole mid-cap mining sector." (DWR)
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