Bloomberg News

Minefinders Jumps on Report of C$1 Billion Bid by Pan American

January 23, 2012

Jan. 23 (Bloomberg) -- Minefinders Corp., which operates the Dolores gold and silver mine in Mexico, surged the most in almost three years in Frankfurt trading after The Globe and Mail reported it agreed a takeover of about C$1 billion ($988 million) by Pan American Silver Corp.

The accord, agreed yesterday, is expected to be announced before trading starts in Toronto this morning, the newspaper reported, without saying where it got the information.

Minefinders rallied 13 percent, its biggest one-day gain since March 2009, to 9.988 euros by 10:47 a.m. in Frankfurt, the highest since Nov. 16. The Vancouver-based company, which is also building the La Bolsa operation in Mexico, closed at C$11.50 in Toronto on Jan. 20, valuing it at C$954 million.

Pan American Silver is the world’s second-largest primary silver producer. It owns three mines in Peru. The stock closed at C$25.02 in Toronto on Jan. 20.

--Editors: Ana Monteiro, John Viljoen

To contact the reporter on this story: Jesse Riseborough in London at jriseborough@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net


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