Rio Algom Jumps After Noranda Bid
Updated from 1:47 p.m. EDT
Shares of Rio Algom (ROM) took off Tuesday, climbing more than 40% after Canadian mining company Noranda offered to acquire the company in a deal valued at $1 billion.
However, Rio Algom officials said Noranda's deal was an unwelcome advance, arguing that its shareholder rights plan prevents such a bid from being consummated.
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