02:23 PM EST, 11/15/2024 (MT Newswires) -- Compass Minerals International ( CMP ) shares were rallying Friday after sources familiar with the matter said the mining company is in discussions with private equity firms regarding a potential takeover, Reuters reported Friday.

The talks follow setbacks from an abandoned lithium-mining project that weighed on the company's performance, the report said. Compass has been working with investment bankers and has received interest from multiple buyout firms, according to the sources.

Discussions are said to be advanced, with a deal potentially in the works in the coming weeks, though no agreement is guaranteed, the report said.

Compass, valued at approximately $1.5 billion including debt, produces salt, fertilizers, and fire retardants. The company's shares had lost over half their value this year through Thursday, according to Reuters.

Compass did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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