Officials at Americas-focused Goldcorp have announced a legal settlement ending efforts by Osisko Mining to block their takeover bid earlier this year.
Under the agreement, the Montreal-based Osisko is allowing Goldcorp access to its asset transactions pending April 1; Osisko further agreed to waive shareholder rights no later than April 14. Goldcorp, in turn, has agreed not to buy Osisko shares under its mid-April offer.
Goldcorp officials expressed relief at the Quebec Superior Court ruling. “I am pleased shareholders will have the offer and Osisko will maximize value,” said CEO Chuck Jeannes. “This will avoid further delays.”
Based in Vancouver, Goldcorp is one of the world’s fastest growing gold producers. Osisko’s top property is its Malartic complex in Quebec’s Abitibi Gold Belt; it began commercial production in Q2 2011. A Q1 2013 feasibility update showed an average up to 600,000 gold oz annually over a 16-year mine life.