China's Jiangxi Copper Rejected by SolGold in $1 Billion Takeover Approach
By Adria Calatayud
China's Jiangxi Copper made a 793.3 million-pound ($1.05 billion) takeover approach for SolGold, which rejected the proposal, a move that sent shares in the London-listed mining company sharply higher.
Shares in SolGold climbed 11% in European afternoon trading Friday to 29.18 pence, and have quadrupled their value since the start of the year as gold prices rallied.
"The SolGold board has carefully considered this proposal along with its advisers, and has unanimously decided to reject this proposal," the company said.
SolGold, which focuses on gold and copper mining and has operations in Latin America, said its board received Friday a preliminary and conditional nonbinding proposal from Jiangxi Copper for 26 pence a share in cash. This followed an earlier proposal on Nov. 23 that was also rejected, SolGold said.
Jiangxi holds a 12.2% stake in SolGold, which makes it the biggest shareholder in the company, according to FactSet. Mining groups BHP Group and Newcrest Mining hold stakes of 10.4% and 10.3% in SolGold, respectively, according to FactSet.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
November 28, 2025 10:29 ET (15:29 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.The articles, information, and content displayed on this webpage may include materials prepared and provided by third parties. Such third-party content is offered for informational purposes only and is not endorsed, reviewed, or verified by Morningstar.
Morningstar makes no representations or warranties regarding the accuracy, completeness, timeliness, or reliability of any third-party content displayed on this site. The views and opinions expressed in third-party content are those of the respective authors and do not necessarily reflect the views of Morningstar, its affiliates, or employees.
Morningstar is not responsible for any errors, omissions, or delays in this content, nor for any actions taken in reliance thereon. Users are advised to exercise their own judgment and seek independent financial advice before making any decisions based on such content. The third-party providers of this content are not affiliated with Morningstar, and their inclusion on this site does not imply any form of partnership, agency, or endorsement.
Popular
4 Stocks to Buy Before They Rise Further
2 Undervalued Stocks to Buy Before They Rebound
The 10 Best Companies to Invest in Now
The 10 Best Dividend Stocks
United States