TSX nears 6-year high as investors eye Osisko (T.OSK) deal

TORONTO _ The Toronto stock market climbed toward a six-year high on Wednesday, pushed by a major deal between two Canadian gold companies.

The S&P/TSX composite index ended up 78.56 points to 14,459.11 _ just short of the 14,467 it reached in late-June 2008.

Leading the charge on the TSX was a major deal between mining heavyweight Yamana Gold Inc. and Osisko Mining Corp.,that pushed the gold sector higher.

Yamana is acquiring a 50 per cent stake in the mining and exploration assets of Osisko in a deal that valued the gold miner at about $3.4 billion.

The offer implies Osisko is worth about $3.4 billion and its shares jumped 7.6 per cent to $7.40, while Yamana shares gained 1.9 per cent to $9.89 on the TSX.

June bullion gained $10.80 to close at $1,290.80 on the New York Mercantile Exchange.