Eldorado Gold Corp. said it's agreed to acquire Australia's Sino Gold Mining in an all stock deal valued at 2.2 billion Australian dollars ($1.8 billion). Sino Gold directors unanimously recommended the deal, under which investors will receive 0.55 Eldorado share for every Sino Gold share they hold. The deal represents a 21.3% premium .
Eldorado said the deal would created a firm with a market capitalization of roughly 6.4 billion Canadian dollars ($5.9 billion) and would be the leader among international gold producers in China. It added it will seek an Australian listing for Eldorado shares.
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