Bid for PanAust fires up copper stocks

A $1.4bn bid for PanAust drives mid-tier copper stocks sharply higher.

A potential $1.4 billion-plus takeover bid for PanAust from Chinese state-owned Guangdong Rising Assets Management has triggered a mini-boom in the valuation of mid-tier copper stocks.

PanAust soared 54c, or 34 per cent, to $2.12 in response to the disclosure that GRAM -- the company’s major shareholder with a 23 per cent interest -- had initially proposed a $2.20-a-share takeover bid, then increased it to $2.30 a share.

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