Bloomberg News

European Goldfields Says It Received ‘Indicative Approaches’

December 06, 2011

(Updates with closing share price in third paragraph.)

Dec. 6 (Bloomberg) -- European Goldfields Ltd., a metals explorer and mine developer with projects in Greece, Romania and Turkey, rose the most in three years after saying it received “preliminary and indicative approaches from third parties” regarding potential deals.

“No formal offers have been received and there can be no assurances that any transaction will result,” the Whitehorse, Yukon Territory-based company said in a statement today, without identifying the third parties.

European Goldfields gained 22 percent to C$12.12, the biggest one-day climb since December 2008. Sky News’ Mark Kleinman reported on his blog today that Eldorado Gold Corp. had approached the company about a takeover. The move threatens to scuttle Qatar Holding LLC’s plan to boost its stake in European Goldfields, according to the report.

Steve Sharpe, European Goldfields’ senior vice president of corporate development, and Nancy Woo, a spokeswoman for Vancouver-based Eldorado, didn’t respond to calls seeking comment.

Eldorado fell 1.6 percent to C$17.13 at the close.

--Editors: Tina Davis, Steven Frank

To contact the reporter on this story: Christopher Donville in Vancouver at cjdonville@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net


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