Euro Resources Up on Takeover Bid from Iamgold

Euro Ressources S.A. (EROFF.PK) shares were up almost 30% Friday morning after the company received a takeover bid from Iamgold Corp. (IAG) for C$1.85 per share. Iamgold shares were up a little more than a 1%.

The acquisition for France-based Euro Ressources, which currently takes royalties on Iamgold's Rosebel mine, is expected to reduce cash costs at the mine by about $50, according to an Iamgold statement.