Goldcorp raises buyout offer for Osisko to $3.6 bln – Reuters

(Reuters) – Goldcorp Inc , the world’s second-biggest gold miner by market value, said on Thursday that it raised its offer to buy Osisko Mining Corp to about $3.6 billion.

Goldcorp’s new offer of $7.65 per Osisko share comes two days after Osisko Chief Executive Sean Roosen told Reuters that it would be tough for Goldcorp to raise its bid enough to trump a rival deal involving Yamana Gold Inc.

Osisko, also a Canadian gold miner, has rejected Goldcorp’s bid as too low. Osisko earlier this month unveiled a complex “white knight” bid by fellow Canadian miner Yamana Gold for 50 percent of its assets, which represented a 22 percent premium over Goldcorp’s bid at that time.

As part of the Yamana deal, Osisko entered into funding arrangements totaling $550 million with CPPIB Credit Investments and the Caisse de dépôt et placement du Québec.

Vancouver-based Goldcorp in January launched a hostile $2.6 billion cash and stock bid for Osisko to gain control of its Canadian Malartic gold mine in the province of Quebec.

(Reporting by Ashutosh Pandey in Bangalore; Editing by Savio D’Souza)

(This story has been edited by Kirk Falconer, Editor, peHUB Canada)

Photo courtesy of Shutterstock