Canada’s move to protect mining sector shields takeover targets
Teck Resources spent much of last year fending off Glencore’s $23 billion takeover attempt before the Swiss company opted instead to just buy the company’s steelmaking coal business.
Gold miner Endeavour Mining Plc rode a rally in the price of the precious metal to earn a place in the UK blue-chip index, replacing Smurfit Kappa Group Plc as the packaging company leaves the index following a merger with US rival WestRock Co.
Endeavour makes a quick return to the FTSE 100 index, having been replaced in the benchmark by airline EasyJet Plc at March’s index rebalancing. The miner’s shares have risen about 40% from a February low as spot gold hit new-record highs.
Index-provider FTSE Russell announced the change in a statement Wednesday, effective July 8, when the enlarged packaging group — called Smurfit WestRock — will be removed.
WestRock shares jumped last month after S&P Dow Jones Indices said Smurfit WestRock would be included in its indexes.
(By Joe Easton)
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