Osisko enters deal with Yamana to foil hostile Goldcorp bid

Osisko - Virginia Gold Royalties

gold royalty company - 5% NSR on Malartic.

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Osisko enters deal with Yamana to foil hostile Goldcorp bid

posted on Apr 02, 2014 10:46AM

by Thomson Reuters

TORONTO, April 2 (Reuters) - Yamana Gold Inc will buy a 50-percent stake in Osisko Mining Corp's mining and exploration assets for C$930 million ($843 million) in a move to block a hostile bid from larger rival Goldcorp Inc, Osisko said in a statement.

Yamana will pay C$441.5 million in cash and the rest in the form of its common shares, and the company will be an equal partner in all of Osisko's mining and exploration assets.

Osisko will continue to operate its flagship Canadian Malartic Mine and all other projects under the guidance of a joint operating committee, and will also maintain its head office in Montreal, the company said on Wednesday.

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