China Shandong Gold offers $1 bln to buy Jaguar MiChinese companies on the prowl to pick up assets. EAS is much closer than Brazil!
China Shandong Gold offers $1 bln to buy Jaguar Mining -sources
3:46 AM (GMT-05:00) Eastern Time (US & Canada) Nov 16, 2011
BEIJING, Nov 16 (Reuters) - China's Shandong Gold Group, the parent of Shandong Gold Mining <600547.SS> and a big gold producer, has made a $1.0 billion offer to fully acquire Brazil's Jaguar Mining <JAG.N> <JAG.TO>, two sources familiar with the matter told Reuters on Wednesday.
The offer from Shandong Gold was $9.3 per share for Jaguar, or 73 percent higher than the last trading price of Jaguar Mining of $5.39 per share in New York.
Shandong Gold will pay in cash, the sources, who requested not to be named, told Reuters.
Jaguar Mining is one of Brazil's fastest-growing gold producers, with operations in a prolific greenstone belt in the state of Minas Gerais. Jaguar's main development project is Gurupi, which holds reserves of 2.3 million ounces.
Li Zhongyi, vice general manager of Shandong Gold in charge of international deals, declined to comment. A spokesman for Jaguar was not immediately available for comment.