Aur Resources (AUR-T) and Inmet Mining (IMN-T) have broken off the planned merger they announced May 4.
Short statements from the two companies said they had determined that mutually withdrawing from the agreement was in both companies’ best interests. Neither company would be liable for a break-up fee.
The statements also said that neither company had found any problems in due-diligence investigations before the merger was to close.
Shareholder votes on the merger had been scheduled for July 30.
Speculation suggested that other deals, possibly for some of the assets of Noranda (NRD-T), may have become available in recent weeks, leading to the two companies cancelling their deal. There was, however, no solid information on any other plans Aur or Inmet might have.