Tuesday, August 30, 2011 11:31:13 AM
08/30 10:57 AM
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10:57 (Dow Jones) AuRico Gold's (AUQ:$11.64,00$0.2900,2.56%) $1.5B takeover of Northgate (NXG) gets some positive analyst comments, though the sticker price shocked some when first announced yesterday. Dundee says it looks expensive on the surface but estimates AUQ is paying just $170/ounce of gold reserves, a reasonable price given gold is above $1,800/oz, and AUQ will get a higher multiple as it's promoted to a top- tier gold producer. Scotia says deal sets up AUQ to do more acquisitions supported by its larger size. Also, UBS upgrades to Primero (P.T) to buy, which was left at the altar by NXG, saying it's likely to seek a new merger partner. ( edward.welsch@dowjones.com)
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