Goldcorp Inc launched an unsolicited cash-and-stock bid to acquire smaller rival Osisko Mining Corp for C$2.6 billion ($2.4 billion) on Monday, in a move to gain control of Osisko's Malartic gold mine in Quebec.The bid is the Canadian gold sector's first major attempt at a merger and acquisition deal in nearly a year. Miners stung by a 25 percent drop in the price of gold over the last 12 months have focused on cutting costs and slowing down work on growth projects.The acquisition of the large, low-grade Malartic deposit would boost Goldcorp's proven and probable reserves by some 10 million ounces, but it also carries its own set of perils."Given the low grade of the reserves, the Osisko assets will be relatively susceptible to any further weakness in the gold price, though the Canadian dollar will help protect the domestic mining industry," JPMorgan analyst John Bridges said in a note to clients.
Goldcorp Inc. (Goldcorp) is a gold producer engaged in the operation, exploration, development and acquisition of precious metal properties in Canada, the United States, Mexico and Central and South America. Shares of G fell by 1.94% or $-0.49/share to $24.80. In the past year, the shares have traded as low as $21.87 and as high as $38.33. On average, 2960930 shares of G.TO exchange hands on a given day and today's volume is recorded at 4002526.
Goldcorp Inc. (Goldcorp) is a gold producer engaged in the operation, exploration, development and acquisition of precious metal properties in Canada, the United States, Mexico and Central and South America. Shares of GG fell by 1.51% or $-0.35/share to $22.84. In the past year, the shares have traded as low as $20.54 and as high as $38.61. On average, 7740490 shares of GG exchange hands on a given day and today's volume is recorded at 9116985.
Osisko Mining Corporation is engaged in the business of acquiring, exploring, developing and operating gold properties, with interests substantially in Canada. Shares of OSK traded higher by 19.73% or $1.02/share to $6.19. In the past year, the shares have traded as low as $2.98 and as high as $8.05. On average, 2544680 shares of OSK.TO exchange hands on a given day and today's volume is recorded at 56591412.
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