Endeavour Mining to acquire Teranga Gold in $2bn all-share deal

Endeavour Mining to acquire Teranga Gold in $2bn all-share deal

Endeavour’s Teranga acquisition adds another operating mine – Wahgnion – to the four it has in Burkina Faso, including this one in Hounde [File: Anne Mimault/Reuters] West Africa-focused Endeavour Mining has agreed to buy Teranga Gold in an all-share deal to create a top 10 gold producer which will list in London, the companies said on Monday, a week after they announced they were in talks.

The agreement is a breakthrough for the fragmented gold sector and for Endeavour, whose previous attempt at a major merger failed.

But with investors jittery about pricey takeover deals after a surge in gold prices, Endeavour’s shares fell 2.4 percent to 30.19 Canadian dollars ($23), while Teranga Gold – which climbed after the talks were announced last week – fell 1.1 percent.

“We’re not trying to buy cheap – we’re just trying to make the right deal that satisfies both sets of shareholders and that ensures […]

About the author: StockMan
Tell us something about yourself.
Posting Guidelines
Do
  • Do contribute something to the discussion
  • Do post factual information, analysis and your view on company valuations
  • Do disclose if you have an interest in a security
  • Do take our Terms of Use seriously
Do Not
  • Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
  • Do not complain about a post unless you have reported it first, and not on the forum.
  • Do not post financial advice
  • Do not advertise or post sponsored content

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!

Comments

No comments yet