Stillwater majority shareholder sells stockBILLINGS, Mont. (AP) — Stillwater Mining Co. says its majority stockholder has sold its entire share in the company.
BILLINGS, Mont. (AP) — Stillwater Mining Co. says its majority stockholder has sold its entire share in the company.
The stockholder, Norimet Ltd., sold 37 million Stillwater shares to the public Monday at $19.50 apiece.
Norimet sold its remaining 9 million shares to UBS Securities LLC.
Stillwater shares rose $1.03, or about 5 percent, to close at $21.10 on Monday. The company did not receive any proceeds from the offerings.
Norimet is a subsidiary of MMC Norilsk Nickel. The Russian mining giant had said it was selling its shares to focus on its core operations.
Stillwater's two Montana mines are the only domestic source of platinum and palladium. The mines in the Beartooth Mountains southwest of Billings produced 529,900 ounces of the precious metals last year.