Goldcorp ups Osisko takeover bid to Can$3.6 bn

Canadian mining giant Goldcorp upped its hostile takeover bid for rival Osisko Mining Corp. on Thursday to about Can$3.6 billion (US$3.3 billion).

The new offer consists of Can$7.65 per share, the Vancouver-based company said.

In January, Osisko had rejected Goldcorp's previous offer of Can$5.95 per share, or Can$2.6 billion, calling it insufficient.

"Goldcorp's increased offer represents straightforward and superior value for Osisko shareholders," Goldcorp President and Chief Executive Chuck Jeannes said in a statement.

The choice is clear for Osisko's shareholders."

In rejecting the previous offer, Osisko had said Goldcorp's offer significantly undervalued its Malartic gold mine in western Quebec, as well as the rest of its portfolio in North America.

Over its 16-year lifespan the Malartic mine, Osisko's main asset, is expected to turn out 500,000 to 600,000 ounces of gold per year, according to the company.

Goldcorp is Canada's second-largest gold company after Barrick Gold, with a dozen mines operating in the Americas and several more in development.

Last week, Osisko announced a partnership with Yamana Gold and two pension funds in an apparent effort to thwart Goldcorp's hostile takeover.