Goldcorp Inc. (USA) (NYSE:GG) CEO Remains Unruffled By Quebec Finance Minister Announcement


Dallas, Texas 02/28/2014 (FINANCIALSTRENDS) – Goldcorp Inc. (USA) (NYSE:GG) CEO Chuck Jeannes has been quoted to have said that he has till date not seen any form of opposition from the state government or the regulatory agencies of Quebec State to its proposed $2.7 billion acquisition bid on Osisko Mining Corp. (OSK). These statements by the raiding firm’s chief executive were made at the sidelines of BMO Capital Markets mining and metals conference in Florida on 25th February. The chief executive explained that in his opinion the officials he met in Quebec expressed their support for the move by the larger mining firm and its other investment activities in their state.

These comments by the Chief Executive of Goldcorp Inc. (USA) (NYSE:GG) assumes importance in the light of statements being ascribed to the finance minister of Quebec state to the effect that the state government  is contemplating changes to its “business corporations act” with the aim of making it difficult for hostile takeover of state based firms by outsiders. This move, the minister had opined in his budget speech earlier this month, would lead to more number of jobs being retained in the state. He also put a Candian$ 5 billion figure on the table and explained that the state economy benefited to the extent of $5 billion from the mining activities.

These latest pronouncements have been occurring in the back drop of Goldcorp Inc. (USA) (NYSE:GG) mounting a hostile bid to buy out all the common shares of Osisko Mining Corporation in the form of a leveraged buyout. The share holders of Osisko Mining are being offered 0.146 share of Goldcorp Inc. (USA) (NYSE:GG) for surrendering every share of their firm. The offer has been extended to 10th March. The price proposed for the buyout represents a 28 percent increase over the simple moving average price of common stock.