More money left to invest in Mexico and CYD? I'm cheering for Yamana/Agnico so Goldcorp has more money to invest elsewhere. :)
April 16 (Reuters) - Canada's Osisko Mining Corp said on Wednesday it has reached a deal to sell most of its assets to Yamana Gold Inc and Agnico Eagle Mines Ltd as it battles to thwart a hostile takeover bid from Goldcorp Inc, one of the world's biggest gold miners.
Under the new white knight deal, Osisko shareholders would receive cash, shares of Canadian gold miners Yamana and Agnico Eagle, and shares of a new Osisko entity.
The new Osisko would get royalties, cash and some exploration assets in Mexico. Osisko said the total value of the deal is C$3.9 billion ($3.6 billion), or C$8.15 a share.
Osisko is being pursued because of its huge Canadian Malartic gold mine in the province of Quebec - a mine widely viewed within the industry as a solid asset in a relatively stable mining jurisdiction.
The news of the Yamana-Agnico deal came minutes after Goldcorp kicked up its campaign to take over Osisko another notch, moving to replace Osisko's board with its own directors and officers at Osisko's May 20 annual meeting.
Goldcorp, which raised its original takeover offer last week to top an earlier white knight deal that Osisko had reached with Yamana, said it plans to nominate 11 candidates, including its chief executive, for election to Osisko's board.
All but one of the nominees are Goldcorp directors or officers. The other nominee, Clement Pelletier, has been nominated to join Goldcorp's board at Goldcorp's upcoming annual meeting.
Goldcorp said it will vote all of the shares it acquires under its offer in favor of its nominees.