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 […]
November 17, 2020 (updated November 17, 2020) Published by StockMan