Osisko enters deal with Yamana to foil hostile Goldcorp bid

Wed Apr 2, 2014 9:55am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

TORONTO, April 2 (Reuters) - Yamana Gold Inc will buy a 50-percent stake in Osisko Mining Corp's mining and exploration assets for C$930 million ($843 million) in a move to block a hostile bid from larger rival Goldcorp Inc, Osisko said in a statement.

Yamana will pay C$441.5 million in cash and the rest in the form of its common shares, and the company will be an equal partner in all of Osisko's mining and exploration assets.

Osisko will continue to operate its flagship Canadian Malartic Mine and all other projects under the guidance of a joint operating committee, and will also maintain its head office in Montreal, the company said on Wednesday.

($1 = 1.1029 Canadian Dollars) (Reporting by Euan Rocha; Editing by Bernadette Baum)