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Friday, September 3, 2010

Eldorado Gold (NYSE:EGO) Offers $3.2 Billion for Andean (OTC:ANDPF)

Eldorado Gold Corp. has made a $3.2 Billion bid for Andean Resources Ltd. (OTC:ANDPF), a gold mining company based in Australia.

Terms of the transaction would be a straight stock deal for shares from Eldorado.

“The transaction is consistent with Eldorado’s stated strategy of building a geographically diversified, low cost, high growth gold producer,” said Eldorado’s chief executive officer Paul Wright,

Included with Andean will be an asset located in Argentina, which has 2.1 million ounces of gold coming with it.

Eldorado valued each Andean share at C$6.36, offering 0.31 share for each one of Andeans.

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