Novo - KLI've been doing some thinking, and i think novo is dead. KL bought almost 20% of novo, so they would have enough with ES and friends to block any hostile take-over bid. Now bankers surpressed the SP of novo (with a little help from NR's), and novo becomes very cheap for KL.
A take-over bid from KL valuing novo at 4.5cad a share would do the trick.
That would value novo at 675M, 70M cash, 605M. At 100$ an ounce thats 6M ounces. I think they have much more.
With KL near all time highs, it would only take 0.8x675 = 540M (in shares to be issued) over 4.25B (MC KL) = 12.7% of the new KL. Thats a very safe bet for KL imho.
Meanwhile in Europe, usdindex under 90, and gold on it's way to attack 4year highs.