EUROPEAN GOLDFIELDS $12.16 (Toronto symbol EGU; TSINetwork Rating: Speculative) (44 (20) 7408 9534; www.egoldfields.com; Shares outstanding: 183.8 million; Market cap: $2.2 billion; No dividends paid) is up over 20% since early December. The rise came after the company confirmed that unnamed potential buyers have approached it about a takeover.
Eldorado Gold, symbol ELD on Toronto, and Centerra Gold, symbol CG on Toronto, are rumoured to be interested parties.
We’ve said for some time that European Goldfields could become a takeover target as its new mines move toward production. That’s even more of a possibility now, after its recent financing deal with Qatar Holdings LLC, a division of Qatar’s sovereign wealth fund, to develop its mines in Greece and Romania. These mines should let the company produce around 400,000 ounces of gold a year by 2014.
The chance of a takeover adds appeal, but it’s not reason enough to buy the stock. However, the prospect of rising production and cash flow gives European Goldfields strong long-term prospects.
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