Shares of Forsys Metals Corp. plummeted yesterday after the uranium miner said Industry Canada had put the proposed takeover of the company by George Forrest International Afrique S.P.R.L. on hold. Trading in shares of Forsys had been halted on the TSX pending an announcement. When trading resumed, Forsys shares fell 13 per cent on volume of more than three million shares. Forsys says it only learned of the action by Industry Canada on Tuesday evening after George Forrest International gave it a copy of a letter it had received from the government department, which reviews foreign takeovers of Canadian companies under the Investment Canada Act. Shares in Forsys soared more than a third to $6.46 earlier this month on news that GFI had signed a binding investment arrangement allowing it to complete the takeover. The two companies had announced a $7-per-share friendly offer last November. FSY (TSX) fell 82 cents to $5.40.
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