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Friday, February 11, 2011

Batista's AUX won't raise Ventana takeover bid, (TSE: VEN)

AUX Canada Acquisition Inc., controlled by Brazil's Eike Batista, said on Friday it had no intention of raising its offer to buy shares of Ventana Gold Corp (VEN.TO) it does not already own for C$12.63 each. Ventana shares inched higher in Friday trade to C$12.28 a share after trading as high as C$12.96 early in the week, suggesting investors think the bid might fail. It was the second time this week that Batista, Ventana's largest shareholder with 20 percent, said he had no plan to raise the all-cash offer. The bid values the Canadian-based gold miner at C$1.5 billion ($1.5 billion).