Yamana Gold to Buy Extorre for $403 Million to Add Mine |
| Bloomberg - Jun 18, 2012 |
Yamana Gold Inc. (YRI), Canada’s third- largest producer of the metal by market value, agreed to buy Extorre Gold Mines Ltd. (XG) for about C$414 million ($403 million) to gain control of the Cerro Moro project in Argentina.
Extorre shareholders will receive C$3.50 in cash and 0.0467 percent of a share of Yamana, Vancouver-based Extorre said in a statement today. That’s an implied deal price of C$4.26 a share and 54 percent more than Extorre’s 20-day volume-weighted average price, according to the statement.
Extorre said it pursued a sale after a decline in gold- mining shares, economic uncertainty and the situation in Argentina meant financing Cerro Moro on its own became too expensive. Extorre slid 66 percent in the year through June 15 amid investor concern about foreign resources companies in Argentina after the country seized control of oil producer YPF SA from Spain’s Repsol YPF SA. (REP)
Read Full Article from Bloomberg
- Posted: 2012-06-18 11:27:29
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