Canada’s Eldorado Gold pulls bid to buy Andean Resources after Goldcorp trumps price

Canada’s Eldorado Gold pulls Andean bid

TORONTO — Canada’s Eldorado Gold Corp. has withdrawn its bid to buy Andean Resources Ltd. after being trumped by a rival offer from Goldcorp Inc.

Eldorado Chief Executive Officer Paul Wright said Tuesday that Andean’s Cerro Negro gold project in Argentina is not a “need-to-have asset.”

Canada’s Goldcorp Inc. said Friday that it agreed to buy Andean for about 3.6 billion Canadian dollars ($3.42 billion). The announcement came shortly after Eldorado made an offer of 3.4 billion Canadian dollars ($3.2 billion) for the company.

The acquisition would give Goldcorp, the world’s second-largest gold producer by market capitalization, access to the Cerro Negro gold project, which is said to have a significant amount of gold and silver.