Osisko Settles Suit with Goldcorp; Chinese Platinum Bar Rises 2.9% for the Week

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Everything has been settled. “Osisko Mining Corp has settled a lawsuit it filed against Goldcorp Inc in reaction to Goldcorp’s hostile takeover bid for the Canadian gold miner, a move that might lead to a negotiated deal or buy Osisko time to find a white knight,” reports Reuters.

“Montreal-based Osisko sued Goldcorp, one of the world’s biggest gold miners, in January to try to foil the C$2.6 billion ($2.35 billion) takeover bid, but it said on Monday it has agreed to terminate the lawsuit.”

“As part of the agreement, Vancouver-based Goldcorp has agreed not to take up and pay for shares that were deposited in favor of its bid before April 15.”

“In return, Osisko has agreed to waive its so-called poison pill, or shareholder rights, plan by April 15, or earlier if it is able to find an alternative suitor ahead of that date.”

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“As part of the deal, which was negotiated by lawyers for the two sides late on Sunday, Osisko has also agreed to give Goldcorp access to its books to do any necessary due diligence on the company by April 1, or earlier, if a rival bidder emerges.”

“Osisko said it is continuing to aggressively pursue a range of value-maximizing alternatives that are in the best interest of its shareholders and other stakeholders. It cautioned however, that there is no guarantee that an alternative deal will be reached.”

In metal price news for precious metals…

The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Chinese platinum bar, which saw a 2.9 percent increase. This comes on the heels of a 0.2 percent decline the week prior. The price of Japanese platinum bar finished the week 1.8 percent higher. Closing out the third week of rising prices, the price of US platinum bar increased by 1.0 percent.

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Chinese palladium bar saw its price rise 1.2 percent over the past week. US palladium bar prices were off slightly, down from a week ago. The week finished with no movement for Japanese palladium bar.

The price of Chinese gold bullion rose 2.3 percent after falling 0.3 percent during the previous week. The price of US gold bullion rose 1.1 percent this week, closing out the third week. The price of Japanese gold bullion rose 0.5 percent over the past week. This was the third week in a row of increasing prices. The price of Indian gold bullion finished the week 0.4 percent higher.

The price of US silver fell 2.3 percent after rising 1.4 percent the week before. Indian silver rose by a slight 0.8 percent. Following a 1.2 percent increase in the week prior, the price of Japanese silver fell 0.6 percent last week. The price of Chinese silver declined 0.5 percent over the past week.

The Global Precious Metals MMI® collects and weights 14 global precious metal price points to provide a unique view into precious metal price trends. For more information on the Global Precious Metals MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.