Boliden shares retreated in Stockholm trading after Berenberg Bank downgraded its recommendation on the Swedish mining group from buy to hold.
The German investment bank cited growing concerns over the company’s reported plans to acquire a majority stake in Nexa Resources, aligning itself with earlier skepticism from Ålandsbanken.
The downgrade marks a widening circle of institutional doubt regarding Boliden’s South American expansion strategy.
Ålandsbanken had previously issued a sharp critique of the potential transaction, labeling it a strategic misstep that could dilute shareholder value and expose the miner to unnecessary geopolitical and operational risks in the region.
Boliden shares had already come under pressure earlier in the week as investors digested the confirmation of acquisition talks with Nexa Resources.
The Swedish mining group validated widespread speculation about the deal, but the market’s reaction has turned increasingly negative as analysts question the strategic fit and financial logic of the move.