The TSX-listed stock of base metals producer Nevsun Resources on Friday fell nearly 10% after it announced a sweetened bid for Reservoir Metals, that would give it control of its portfolio of development projects in Africa and Europe, including the flagship Timok copper/gold project, in Serbia.
Reservoir announced Friday that more than two-thirds of its shareholders approved the takeover after Nevsun increased the original $365-million cash-and-scrip offer by an additional $75-million in cash, or $2 per Reservoir share.
