Friday, 28th May 2004 (3346 views)

The Canadian gold industry has been shaken by a prospective $2.56 billion takeover of Wheaton River Minerals.

Two junior US mining companies are attempting to take over the firm, that has recently revealed plans for a friendly merger with Iamgold, according to the Vancouver Sun.

If the merger went ahead the companies would create one of the top 10 gold producers in the world and is due for vote on June 8.

Coeur d'Alene Mines Corp and Golden Star Resources have both offered bids of $2.56 billion for Wheaton and $1.2 billion for Iamgold, in a move to prevent the merger occurring.

If the takeovers proved successful the fourth largest precious metals company in North America would be created.

Both companies have so far not issued a response to the takeover bids.

 

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