AUX Canada Acquisition will acquire an 80% stake in gold explorer, Ventana Gold, Bloomberg reports. AUX will purchase all of the remaining shares in Ventana that it does not already own for $13.2 per share in cash.
The deal, which will value the company at about $1.56 billion, will give Batista 100% of Ventana and access to 3.5 million ounces of gold, as well as silver and copper deposits in Colombia. The bid by AUX will expire on Feb. 15, 2011. Previously, AUX offered $12.7 per share to Ventana, which was rejected by the shareholders.
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