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Pan American Silver Corp. has reached a friendly arrangement to buy its Canadian competitor MAG Silver Corp. in a US$2.1-billion stock-and-cash deal that has not gone down well with shareholders. Vancouver-based MAG’s sole producing asset is its 44-per-cent share in the Juanicipio silver mine, which is located in Mexico, and majority-owned and operated by Britain-incorporated Fresnillo PLC.
Founded by financier Ross Beaty, Pan American is one of the biggest silver producers on the planet with a portfolio of 10 mines in seven countries. The Vancouver-based company expanded its footprint considerably a few years ago when it bought a suite of South American mines from Canada’s Yamana Gold Inc.
For each share held, MAG investors can choose to receive US$20.54 in cash, 0.755 common shares of Pan American, or a combination of both. The maximum amount of cash that Pan American will pay out is US$500-million with the balance to be paid in stock.
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