Agnico Eagle Mines to Buy O3 Mining in C$204 Million Deal

By Colin Kellaher

Agnico Eagle Mines has agreed to buy smaller gold-mining peer O3 Mining in a cash deal valued at about 204 million Canadian dollars (US$144.2 million).

Agnico on Thursday said it will pay C$1.67 a share for O3, a nearly 58% premium to Wednesday's closing price of C$1.06.

Both companies are based in Toronto.

Agnico said O3's primary asset, the Marban Alliance property in Quebec, is adjacent to Agnico's Canadian Malartic complex, adding that it expects the integration of the Marban property to create significant synergies.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

12-12-24 0702ET