Nickel’s tumble hurts hopes of Western Areas bump March 21, 2022
Wild ride in nickel having ramifications for owner of Australia’s highest grade nickel mines.
“Six months after Western Areas’ takeover talks began, suitor IGO Ltd is under pressure to increase its offer from $3.36 a share to reflect recent moves in the price of nickel globally.
While Western Areas, advised by Goldman Sachs and Rothschild, was happy with the bid late last year, it’s having second thoughts. The company said it was considering “implications of this volatility on the market expectations for medium to long-term nickel prices” last week – and had independent expert KPMG doing the same.
One week on, and nickel’s price has reversed.
But some Western Areas shareholders haven’t got the message, and are still holding out for IGO’s bump. Western Areas stock finished at $3.52 on Monday.”
https://www.afr.com/street-talk/nickel-s-tumble-hurts-hopes-of-western-areas-bump-20220321-p5a6g8