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U.S. markets recover from steep losses
RENO, Nev., Sept. 1 (UPI) -- A leading Canadian gold producer plans to buy Reno, Nev.-based Glamis Gold Ltd. in an $8.6 billion stock deal, the companies said.
The takeover, announced Thursday, will create one of the world's largest gold producers.
Goldcorp Inc. and Glamis said the new company would have "proven and probable reserves" of about 41.1 million ounces of gold, worth about $25 billion at current prices, with 11,000 employees and operations focused on the Americas.
It will continue to operate under the Goldcorp name and be headquartered in Vancouver, British Columbia.
Former Goldcorp Chief Executive Rob McEwen criticized the deal, saying it devotes too much of Goldcorp's financial resources to risky development projects.
"This is a very, very expensive way" for Goldcorp chairman Ian Telfer to retire, McEwen told The Globe and Mail newspaper in Toronto.
Goldcorp was down 46 cents to $27.20 a share on the New York Stock Exchange in mid-morning trading Friday. Glamis was down 80 cents to $45.32 a share.
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