Eldorado Gold Corp.'s takeover of Sino Gold Inc. should hardly have come as a surprise last week. After all, Eldorado had announced the acquisition of a 20% stake in Sino Gold from Gold Fields Limited in June.

Getting a foot in the door has long been a strategy to open new opportunities, says Wendell Zerb, Canaccord Adams analyst.

At last count, larger companies have taken equity positions in no less than 37 junior miners listed on the TSX and the TSX venture exchange, he said.

More often than not, these minority stakes remain passive investments but should a competing takeover bid surface, a minority equity position could help ward off the rival suitor.

"Having a share position accumulated at lower prices than a competing takeover bid allows for the company to top the bid while still maintaining an overall, competitive average cost," the analyst said.

While predicting the next big acquisition from the long list of junior companies with big-name minority shareholders is difficult at best, Mr. Zerb thinks Goldcorp Inc.'s recent equity investment in Osisko Mining Corp., a junior miner controlled largely by Agnico-Eagle Mines Inc., has takeover battle written all over it.

He reminded clients that Agnico-Eagle made a similar equity investment to Goldcorp in Gold Eagle Mines in June 2008, bringing its total stake to 7.16%.

"Gold Eagle was then subject to an eventually successful takeover bid by Goldcorp. There is a possibility that this could end in a similar manner with roles reversed this time, and Agnico-Eagle potentially coming back with a bid for Osisko."

AGNICO-EAGLE MINES LTD. AEM/TSX,$73.30, up $4.15

OSISKO MINING CORP. OSK/TSX,$7.68, up 20¢