Foreign-controlled companies barred from Russia''s resource deals this year

Section:

By The Associated Press
Thursday February 10, 2005

http://biz.yahoo.com/ap/050210/gold_fight_7.html

TORONTO -- Shareholders in Goldcorp Inc. spurned an aggressive Nevada-
based gold producer Thursday as they voted in favor of a $1.9 billion
buyout of Wheaton River Minerals of Vancouver.

The Wheaton River deal was approved by about 65 percent at a special
morning meeting, the companies said.

Reno, Nev.-based Glamis Gold Ltd. had spent months lobbying Goldcorp
shareholders to vote against merging with Wheaton River, arguing the
Vancouver gold and copper company would dilute their holdings because
it's not exclusively a gold producer.

Glamis sweetened its all-stock offer for Goldcorp on Monday by the
equivalent of $96 million, to an estimated $2.9 billion. The next
day, Goldcorp's board rejected that proposal as inadequate and
countered with a special 50-cent per share dividend that it would pay
to its own shareholders only if the Wheaton deal was consummated.

"I've been in a couple of these and I'm glad to not just be a
bridesmaid anymore," Wheaton River CEO-chairman Ian Telfer said after
Thursday's vote.

Glamis bowed out of the bidding Thursday as the results of the
shareholder vote became clear.

"We believe that Glamis and Goldcorp would have been a very good fit"
said Kevin McArthur, president and chief executive officer of Glamis
Gold. "However, to increase our offer for Goldcorp would not show
good fiscal discipline or be in the best interests of our
shareholders."

Shares of Goldcorp fell 17 cents to close at $13.57 in Thursday
trading on the New York Stock Exchange, where Glamis shares rose 75
cents, or 4.4 percent, to close at $17.78.

Supporters of the Wheaton River deal billed the company as a less
risky partner with solid earnings and a better record of delivering
on its production targets than Glamis, a company too small to do much
for Goldcorp shareholders.

Last year, Goldcorp produced 628,000 ounces of gold, roughly what
Goldcorp's one mine -- the Red Lake mine in northwestern Ontario,
billed by the company as the richest in the world -- generated last
year alone.

Wheaton River, with mines in Mexico, Argentina, Australia, and
Brazil, produced 612,000 gold equivalent ounces, including 6.7
million ounces of silver, plus 6.6 million pounds of copper.

Wheaton River shareholders won't meet to vote on the proposed merger
with Goldcorp, but the deal is contingent on two-thirds of Wheaton's
stock being tendered by Monday.

Todd Scholl, an analyst with U.S. Global Investors in San Antonio,
Texas, a shareholder in both companies, said the merger had the
potential to turn Goldcorp-Wheaton into one of the world's biggest
producers.

"We believe that the new company will be one of the strongest
producers primarily located in the Western Hemisphere," Scholl said.

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