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M&A

posted on Sep 05, 2010 10:19AM

Investors see pure gold as contest for Andean Resources heats up

Barry FitzGerald

September 6, 2010

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INVESTORS believe the contest for ASX-listed Andean Resources is far from over despite the Canadian company Goldcorp having the upper hand with its agreed $C3.6 billion ($3.75 billion) takeover bid.

Shares in Andean, which is also listed on the Toronto stock exchange, shot $C2.17 a share higher to $C6.98 in Canada on Friday, putting it well above Goldcorp's offer of $C6.50 a share.

The share-price action for Andean followed its spurt on the ASX on Friday to $6.40 ($C6.09) a share, before going into a trading halt, pending the Goldcorp offer being announced.

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