Goldcorp offers $2.6 billion to acquire Osisko Mining - Reuters
Goldcorp Inc (G.TO) launched an unsolicited cash-and-stock bid to acquire smaller rival Osisko Mining Corp (OSK.TO) for C$2.6 billion (US$2.4 billion) on Monday, in a move to gain control of Osisko's Malartic gold mine in Quebec, reports Reuters. The takeover 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. Last year, Osisko Mining completed renegotiation of long-term debt facility agreements totaling $225 million. The deal involved CPPIB Credit Investments, the Caisse de dépôt et placement du Québec and Ressources Québec, a subsidiary of Investissement Québec.
