Goldcorp Gains Canadian Antitrust Approval on Its Osisko Bid

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One less challenge for Goldcorp… The company “said on Thursday that Canada’s antitrust watchdog has indicated it does not intend to challenge the gold miner’s move to acquire its smaller rival Osisko Mining Corp,” reports Reuters.

“Vancouver-based Goldcorp said it has obtained an advance ruling certificate from the Competition Bureau, removing one of the hurdles it faces in its C$2.6 billion ($2.3 billion) hostile bid for Osisko.”

“‘We have met and discussed our offer with a significant number of Osisko’s shareholders and have received strong support for this business combination,’ Goldcorp Chief Executive Chuck Jeannes said in a statement.”

“Osisko has slammed the offer as ‘opportunistic’ and advised its shareholders to reject it stating it does not offer an adequate premium.”

In metal price news for precious metals…

On the Thursday, January 30, Indian gold bullion rose 5.1 percent to finish as the day’s biggest mover. US gold bullion finished the day up 1.0 percent. Japanese gold bullion saw its price rise 0.1 percent. The price of Chinese gold bullion was essentially unchanged.

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Indian silver fell 5.0 percent. Japanese silver finished the day down 1.1 percent. The price of US silver rose 0.8 percent after a two-day drop. The price of Chinese silver showed little movement on Thursday.

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Japanese platinum bar closed 1.6 percent lower. After a 0.1 percent increase, US platinum bar finished the day. The price of Chinese platinum bar flattened after two days of downward movement.

The price of Japanese palladium bar dropped by 1.9 percent after holding steady. The price of US palladium bar declined 0.3 percent. The price of Chinese palladium bar remained steady.