Kinross agrees to acquire Bema in $3.1 billion deal
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Last Update: 11:03 AM ET Nov 6, 2006
SAN FRANCISCO (MarketWatch) -- Kinross Gold Corp. (KGC : kinross gold corp com no par
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Last: 13.26+0.10+0.76%
9:31am 11/06/2006
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KGC13.26, +0.10, +0.8%) (CA:K : kinross gold corp com no par
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Last: 14.99+0.09+0.60%
11:16am 11/06/2006
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CA:K14.99, +0.09, +0.6%) has agreed to acquire Bema Gold Corp. (BGO : Bema Gold Corporation
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Last: 5.01+0.23+4.71%
9:40am 11/06/2006
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BGO5.01, +0.23, +4.7%) (CA:BGO : bema gold corp com
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Last: 5.40+0.25+4.85%
11:16am 11/06/2006
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CA:BGO5.40, +0.25, +4.9%) in a $3.1 billion deal, the companies said Monday. Under the terms of the deal, each Bema common share will be exchanged for 0.441 of a Kinross common share. After the deal closes, 61% of the combined company will be owned by existing Kinross shareholders and 39% by existing Bema shareholders. The new company would be lead by Kinross' management team. The combined company would have mineral reserves and resources of 50 million ounces of gold; 80 million ounces of silver and 2.9 billion pounds of copper. Bema shareholders will vote on the deal in mid January. Bema would be required to pay a breakup fee of C$79 million under certain circumstances. Kinross is based in Toronto, while Bema is based in Vancouver, British Columbia.
