Although Eldorado Gold (NYSE:EGO) has been moving up nicely for some time, it seems part of that movement, over the last couple of months, was the expectation they would end up with Andean Resources (TSE:AND).
Now that they presumably lost that battle to Goldcorp (NYSE:GG), some of the luster has come off the stock, and consequently they were downgraded by Credit Suisse (NYSE:CS) from "Outperform" to "Neutral."
After a slow start in yesterday's session, Eldorado did rebound nicely as the broader upward movement of gold prices helped pull many gold miners with it.
They closed Tuesday at $19.29, gaining $0.19, or 0.99 percent.
Showing posts with label Andean Resources. Show all posts
Showing posts with label Andean Resources. Show all posts
Wednesday, September 8, 2010
Friday, September 3, 2010
Goldcorp (NYSE:GG) Acquires Andean (TSE:AND) for $3.4 Billion
Goldcorp Inc. (NYSE:GG) said today it has made a deal with Andean Resources (TSE:AND) to acquire all their outstanding shares for $3.4 billion. That's a 35 percent premium over their Thursday close on the Toronto Stock Exchange.
The Cerro Negro gold project in Argentina is the major impetus behind the interest of Goldcorp in Andean.
Chuck Jeannes, Goldcorp President and Chief Executive Officer said, "This transaction adds another key asset to Goldcorp's peer-leading growth profile and low-cost gold production pipeline. Cerro Negro is a high-grade, near-surface system that is expected to generate significant gold production at low cash operating costs following a relatively short construction period. As well, the potential exists for discoveries of new veins within this large, prospective land position."
The deal has already been approved by boards of Goldcorp and Andean unanimously, and should close in the latter part of 2010 or the early part of 2011.
The Cerro Negro gold project in Argentina is the major impetus behind the interest of Goldcorp in Andean.
Chuck Jeannes, Goldcorp President and Chief Executive Officer said, "This transaction adds another key asset to Goldcorp's peer-leading growth profile and low-cost gold production pipeline. Cerro Negro is a high-grade, near-surface system that is expected to generate significant gold production at low cash operating costs following a relatively short construction period. As well, the potential exists for discoveries of new veins within this large, prospective land position."
The deal has already been approved by boards of Goldcorp and Andean unanimously, and should close in the latter part of 2010 or the early part of 2011.
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