OM Group Inc. (OMG: Quote) announced Monday that it signed definitive agreements to exit its Advanced Materials business. The company sold the downstream portion of the business to a joint venture to be held by Freeport-McMoRan Copper & Gold Inc. (FCX), Lundin Mining Corporation and La Generale des Carrieres et des Mines, for total potential consideration of up to $435 million.
OM Group also announced that its Board of Directors has authorized the repurchase of up to $50 million of its common shares.
OM Group gapped up and rose sharply during the first half hour of trade Tuesday, before settling into a range. Shares finished up by 2.73 at $25.91 on the highest volume of the year. The stock broke out of a 2 1/2 week range and set a 9-month high.
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by RTT Staff Writer
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