Getting your player ready...
Molycorp, owner of the world’s largest non-Chinese deposit of rare-earth metals, rose the most in more than four months after the Nik kei English News reported that Sumitomo Corp. may buy a stake in the U.S. company.
Molycorp climbed $5.06, or 18 percent, to $32.86 on the New York Stock Exchange, the biggest gain since the Greenwood Village-based company’s initial public offering in July.
Sumitomo, Japan’s third- largest trading company, may agree to buy a stake in Molycorp this week, Nikkei reported, without saying where it obtained the information.
A Sumitomo Corp. spokesman later told Bloomberg News, “We have not made any decision” to invest in Molycorp.
