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OM Group Inc. (OMG) Surged To A 9-Month High After Exiting Advanced Materials

OM Group Inc. (OMG) 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.

by RTT Staff Writer

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