Osisko finds white knight in deal to sell 50% stake to Yamana Gold

|About: Yamana Gold Inc. (AUY)|By:, SA News Editor

Yamana Gold (AUY +1.7%) and Osisko Mining (OSKFF +3%) announce a partnership in which AUY will acquire a 50% interest in Osisko's mining and exploration assets for C$441.5M in cash and 95.7M AUY common shares having an aggregate value of C$929.6M.

AUY will become an equal partner in all of Osisko's mining and exploration assets; Osisko will continue to operate the Canadian Malartic Mine and all other projects under the guidance of a joint operating committee.

AUY is stepping in as Osisko's white knight as the latter attempts to fight off a hostile takeover bid by Goldcorp (GG +2.9%), but the deal is complicated and will require some selling to shareholders.