Goldcorp to Buy Andean Resources for $3.4 Billion

Goldcorp Inc. (GG) will purchase Andean Resources Limited (AND) for about C$3.6 billion ($3.4 billion).

Andean's principal asset is its Cerro Negro gold project in Argentina, the companies said in a statement. Cerro Negro currently has reported indicated resources of 2.54 million ounces of gold and 23.56 million ounces of silver.

Sponsored Links
"This transaction adds another key asset to Goldcorp's peer-leading growth profile and low-cost gold production pipeline," Goldcorp CEO Chuck Jeannes said.

Each common share of Andean can be exchanged for 0.14 common shares of Goldcorp or a cash payment of C$6.50, with an aggregate maximum cash consideration of C$1 billion. Shareholders who do not choose either option will receive Goldcorp shares. The total consideration for the purchase of 100% of Andean's full diluted shares is about C$3.6 billion.
Read Full Story

Markets

DJIA 21,580.07 -31.71 -0.15%
NASDAQ 6,387.75 -2.25 -0.04%
S&P 500 2,472.54 -0.91 -0.04%
NIKKEI 225 20,099.75 -44.84 -0.22%
HANG SENG 26,706.09 -34.12 -0.13%
DAX 12,240.06 -207.19 -1.66%
USD (per EUR) 1.17 0.00 0.01%
USD (per CHF) 0.95 0.00 0.02%
JPY (per USD) 111.12 0.01 0.00%
GBP (per USD) 1.30 0.00 0.01%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.