Exco Resources (ASX: EXS) has stated to the market that the company is not in discussions with Ivanhoe Australia (ASX: IVA) with a view to Ivanhoe making a bid for the company, and is unaware of any basis for such speculation.
Exco also added in a statement to the ASX today, 'Furthermore the company notes that Ivanhoe have informed the market that “...it is not considering a takeover offer for Exco”.
Exco then reiterated that the company focus remains on the sale of the Cloncurry Copper Project sale to Xstrata.
Last month Exco announced that the company had entered into an agreement to sell the Cloncurry Copper Project to Xstrata (LON: XTA) for $175 million.
The Exco board has already put their support behind the transaction, and recommends shareholders accept the proposal.