A Junior Company Envied by Many
In 2014, Osisko Mining Corporation, headquartered in Montreal, was considered
the most important mining company in Quebec. Indeed, the Canadian Malartic Mine,
where $1 billion had been invested, is the largest open-pit gold mine in Canada.
The young company was no longer a junior-sized operator, having being in
operation for the past three years, but not yet a giant of the mining industry.
As the price of gold dropped significantly in 2013, the Company became an
enviable acquisition for the major players of the gold industry.
In 2014, a hostile takeover bid was made to Osisko Mining Corporation for
2.6 billion dollars. The company was not satisfied with the offer and started
to look for a new buyer who could raise the bid.
A Profitable Partnership
Two companies from Toronto, Agnico Eagle Mines Limited and Yamana
Gold Inc., offered to buy Osisko Mining Corporation in a joint venture totalling
$3.9 billion. The sale was accepted by the shareholders in May 2014 and concluded
in June 2014. Agnico Eagle owns several mines in the Abitibi-Tmiscamingue
region and is well known by the population. Yamana Gold, which operate mines
located in South America, establish its presence with the Canadian Malartic partnership.