Reuters reported that on Thursday Goldcorp Inc. (TSX:G,NYSE:GG) said it has received an advance ruling certificate from Canada’s Competition Bureau, eliminating one of the “hurdles it faces” in its hostile takeover bid for Osisko Mining Corp. (TSX:OSK).
Further, Chuck Jeannes, Goldcorp’s chief executive, commented that his company has “received strong support for this business combination” from Osisko shareholders.
As quoted in the market news:
Montreal-based Osisko said on Wednesday it has sued Goldcorp in an attempt to foil the miner’s hostile bid, alleging that its suitor misused confidential information.
Goldcorp, on Thursday, denied the allegations made by Osisko and said it will take all necessary steps to vigorously defend its position.
Shares in both Goldcorp and Osisko fell sharply on Thursday, as the price of gold fell more than 2 percent after a $10 billion cut to the Federal Reserve’s monetary stimulus programme boosted the U.S. dollar and sent gold sliding.