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Today's News
November 11, 2005: Canadian gold companies in takeover duel
Business News
Canadian gold companies in takeover duel
Nov 11, 2005, 2:30 GMT
VANCOUVER, BC, Canada (UPI) -- Canada`s Barrick Gold Corp. formalized Thursday a hostile $9.2 billion takeover offer for Placer Dome Inc., a major Canadian gold producer.
The cash-and-stock deal, which was informally publicized Oct. 31, reflects a 24 percent premium to Placer Dome`s closing share price on Oct. 28, Barrick said.
As part of the deal, Barrick has agreed with Goldcorp Inc., a Vancouver, British Columbia, gold mining entity, that Goldcorp will buy certain Placer Dome assets for $1.35 billion -- if Barrick succeeds with its hostile bid.
If the deal goes through, Goldcorp would buy Placer`s stakes in three Ontario mines, including Campbell, which is near Goldcorp`s flagship Red Lake mine in northern Ontario. Goldcorp also would acquire a stake in the La Coipa mine in Chile and a 40 percent interest in the Pueblo Viejo project in the Dominican Republic.
Copyright 2005 by United Press International
http://news.monstersandcritics.com/business/article_1061386.php/Canadian_gold_companies_in_takeover_duel
Topic(s): mining news
Posted By ECOBC
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