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China’s Zijin wins over Canadian miner Continental Gold with US$1 billion cash offer

Cash is king and will be hard to top by a rival bidder, according to the head of Continental Gold, which agreed to a C$1.37 billion (US$1 billion) takeover offer from China’s largest listed producer of mined gold.Continental’s shares rose as much as 11 per cent in Toronto on Monday after the offer from Fujian-based Zijin Mining Group was announced. That is in contrast to Kirkland Lake Gold, whose shares plunged 17 per cent on November 25 after it made an all-stock US$3.7 billion takeover bid…

Source: South China Morning Post