TSX Up Nearly 150 Pts Midday Monday; Buoyed By Northgate Minerals, Improved U.S. Sentiment
Toronto stocks are up 140 points at midday Monday, buoyed by improved sentiment in the United States, as reflected in strong U.S. consumer spending.
Canadian gold miner Northgate Minerals (NGX.TO) is the most active on the TSX. It has added a third in value and hit four year highs after agreeing to be bought by AuRico Gold (AUQ.TO) for $1.46 billion. In so doing, Northgate walked away from another deal that would have seen it buy Primero Mining (P.TO). AuRico's offer of 0.365 shares per Northgate share, valued each Northgate share at $5.01, a premium of more than 60% to Friday's close.
AuRico is down more than 10% at around $11.80. Primero is also down more than 10% at around $3.45.
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