Canadians snap up Greek group European Goldfields for C$2.5bn
Tuesday 20 December 2011
The rush to secure Greece's newly available gold reserves has accelerated after Canada's Eldorado Gold agreed to pay C$2.5bn (£1.6bn) for European Goldfields, a smaller rival focused on the Aegean.
Eldorado's cash-and-shares takeover marks the latest attempt in recent months to control a new supply of Greek gold, which has been up for grabs since the government approved European Goldfields' application to develop three mines in the north-east of the country in July.
However, in October, European Goldfields announced a deal with the Qatar Holding sovereign wealth fund for a $750m loan to develop its Greek mines.
However, since European Goldfields is recommending yesterday's deal to shareholders, analysts expect the company's investors to give their approval, scuppering the Qatari move.
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