AGNICO EAGLE MINES LTD. $63 is a hold. The company (Toronto symbol AEM; Resources Sector; Shares outstanding: 244.9 million; Market cap: $15.4 billion; Dividend yield: 2.8%; Takeover Target Rating: Medium; www.agnicoeagle.com) has eight gold mines: five in Canada (LaRonde, Meadowbank, Meliadine, Goldex and Malarctic), one in Finland (Kittila), and two in Mexico (Pinos Altos and La India).
Agnico is buying Kirkland Lake Gold Ltd. (Toronto symbol KL) in an all-stock transaction valued at $13.5 billion. Kirkland Lake shareholders will receive 0.7935 of an Agnico Eagle common share for each share they hold. Agnico shareholders will own 54% of the merged company, with Kirkland Lake’s shareholders owning 46%.
The purchase will add three gold mines to its Agnico’s existing portfolio and roughly double Agnico’s reserve base to 48 million ounces of gold. The combined company is expected to produce 3.4 million ounces in 2021. Now that shareholders of both firms have approved the merger, Agnico expects to complete the deal in early 2022.
Agnico Eagle is a hold…
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