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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Glencore Plc | LSE:GLEN | London | Ordinary Share | JE00B4T3BW64 | ORD USD0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.90 | 0.19% | 469.50 | 469.40 | 469.50 | 477.20 | 468.85 | 474.35 | 23,935,789 | 16:35:18 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Nonmetallic Mineral Pds, Nec | 217.83B | 4.28B | 0.3508 | 13.38 | 57.28B |
From Apr 2019 to Apr 2024
Canadian gold companies Yamana Gold Inc. and Agnico-Eagle Mines Ltd. said they have reached agreement to buy Osisko Mining Corp. for C$3.9 billion ($3.6 billion), in what could prove be one of the largest mining deals so far this year.
The joint offer consists of around C$1 billion in cash, C$2.3 billion worth of Yamana and Agnico-Eagle shares, and the creation of a company, New Osisko, with an implied value of about C$575 million, the companies said.
The offer represents an 11% premium to a rival, hostile bid for Osisko from mining giant Goldcorp Inc.
Following the completion of the transaction, Osisko shareholders would own about 14% of Yamana and around 17% of Agnico-Eagle, the companies said.
The deal would give Yamana and Agnico-Eagle control of Osisko's flagship Canadian Malartic gold mine in northern Quebec. Investors will receive shares in New Osisko, which will hold a small portfolio of Osisko's assets and liabilities.
The deal will address analysts' criticisms that a previous offer by Yamana could prove too complicated for investors. On April 2, Yamana had agreed to take a 50% stake in the mining assets of Osisko, which said it would also sell the rights to a stream of gold from Canadian Malartic as one part of a wider C$550 million financing from two big Canadian pension funds.
The higher bid for Osisko from Yamana and Agnico-Eagle appears to nullify Goldcorp's latest attempt to win the takeover battle. Earlier Wednesday, Goldcorp said it planned to try to win shareholder support to replace Osisko's board with its own slate as part of its attempt to gain control of the Quebec miner. But its cash and stock offer, currently worth about C$3.6 billion, remains below the Yamana and Agnico-Eagle bid.
A spokeswoman for Goldcorp wasn't immediately available to comment.
The new offer comes on the heels of Glencore Xstrata PLC selling its Las Bambas Peruvian copper project to a Chinese consortium in an all-cash deal worth at least $5.8 billion, amid an overall recent lull in mining deals.
Write to Alistair MacDonald at alistair.macdonald@wsj.com and Ben Dummett at ben.dummett@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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