A Wheaton River Mineral (WHT) e a IAMGold Corp (IAG) anunciaram que vão proceder à fusão das duas empresas. A operação terá como factor de troca 1 acção da WHT por cada 0,55 acções da IAG.
Canada's Wheaton River in $850 mln bid for Iamgold
Reuters, 03.31.04, 12:33 AM ET
VANCOUVER, British Columbia , March 30 (Reuters) - Wheaton River Minerals Ltd. <WRM.TO> made a friendly bid for fellow Canadian Iamgold Corp. <IMG.TO> on Tuesday in an all-share deal the firms said would create one of the world's 10 biggest gold producers.
The transaction, billed as a merger, valued Iamgold at about $850 million. It had the unanimous approval of both parties' boards and would form a company with a $2.8 billion market value and interests in seven gold mines on four continents.
"It creates a combined company with one million ounces of annual production, low operating costs and near-term growth that should be attractive to all investors in the gold sector," said Iamgold president and chief executive Joseph Conway.
Conway becomes president and chief executive of the still-to-be named enlarged company. Wheaton chairman and chief executive Ian Telfer becomes executive co-chairman, a position he will share with William Pugliese, Iamgold's current chairman.
Under the deal, Wheaton River will exchange one of its shares for 0.55 of an Iamgold share -- a ratio that represents a 22 percent premium over the 5-day average closing price of Wheaton's shares as of Tuesday.
The exchange ratio implies a valuation of around $850 million for Iamgold.
Wheaton's shares closed unchanged at C$4.12 on the Toronto Stock Exchange on Tuesday. Iamgold's stock finished 32 Canadian cents firmer at C$9.35. On the American Stock Exchange (Amex), Wheaton's stock lost 3 cents to $3.14 and Iamgold's stock added 25 cents to $7.20.
The firms will hold a conference call at 11 am ET on Wednesday to discuss the planned tie up, which will give current Wheaton shareholders 68 percent of the shares in the new company and Iamgold shareholders the rest.
Shares of the new company will continue to trade on the Toronto Stock Exchange and on Amex.
Iamgold and Wheaton said if one of the parties accepts a superior proposal from a competing bidder, it will have to pay a break fee equal to 3 percent of its market capitalization.
The combined company expects to produce this year 1 million ounces of gold equivalent ounces at a total cash cost of less than $100 per ounce. Gold equivalent ounces includes Wheaton's copper production.
The firms said production from the enlarged company's operations in North America, South America, Australia and West Africa is expected to increase by a third to 1.3 million gold equivalent ounces in 2006. ($1 = $1.30 Canadian)
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