rumours of a possible bid swirl round oxiana

Rumours Of A Possible Bid Swirl Round Oxiana

By Our Man In Oz

Another day, another takeover rumour. That’s the life of Owen Hegarty and the Australian copper, gold and zinc mining company he runs, Oxiana. For the past three years Hegarty seems to have spent almost as much time fending off merger and acquisition chit-chat as he has in turning a one-time penny dreadful into a business of substance. The latest burst of speculation started in Melbourne on Monday when a late burst of trading pushed the price of Oxiana up from A$2.58 to A$3. In dollar-terms, the extra A42 cents lifted Oxiana’s market capitalisation by a handsome A$579 million to A$4.14 billion. Trading volume was heavy with 23.9 million shares exchange. The response of the local news media was a rather predictable re-run of the Oxiana takeover threat story – though this time with subtle variations ... more ...

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