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PolyMet Mining Corp. CA:POMPLM said Monday it agreed to a buyout price of $2.11 per share from Glencore AG after a review of the offer by an independent special committee of its board of directors. Glencore is buying the 17.8% of PolyMet stock is does not own. The price amounts to a 167% premium to the company’s unaffected share price on June 30, which was the last trading day prior to Glencore’s non-binding proposal to buy the St, Paul, Minn.-based mining company. PolyMet stock was up 0.5% in premarket trades.
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