Aluminium Corporation of China Chalco, the largest aluminium producer in the country, announced at the end of last week that it wanted to privatise its Hong Kong-listed subsidiary Chinalco Mining Corporation CMC.
Chalco offered investors HK$1.39 per share for the company, a premium of 32% over the last closing price. The stock started trading again on Monday and volumes quickly spiked to 24 million shares, a whopping 30 times the three-month average trading volume.
The stock surged 24.76% on its return to trading on Monday, leaving 6.1% of upside on the table for investors who hold onto the stock and accept the deal. But...
¬ Haymarket Media Limited. All rights reserved.
