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© Reuters. FILE PHOTO: The emblem of commodities dealer Glencore is pictured in entrance of the corporate’s headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photograph
(Reuters) – Glencore (OTC:) Plc mentioned on Monday it had proposed to purchase the remaining stake in miner PolyMet Mining it doesn’t already personal for about $71 million.
The Swiss commodity dealer already owns 82.26% of PolyMet.
Glencore is within the midst of an even bigger acquisition bid for Canada’s Teck Sources (NYSE:) because the miner seems to extend publicity to power transition metals similar to copper and nickel.
Glencore’s non-binding money supply of $2.11 per share values PolyMet at about $410 million, in line with Reuters calculation.
Shares of PolyMet greater than doubled in premarket buying and selling to $1.87.
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