Minefinders Jumps on Report of C$1 Billion Bid by Pan American

Minefinders Corp., operator of the Dolores gold and silver mine in Mexico, rose the most in almost three years in Frankfurt trading after Canada's Globe & Mail reported it agreed on a C$1 billion ($988 million) takeover by Pan American Silver Corp.

The accord, agreed on yesterday, is expected to be announced before trading starts in Toronto today, the newspaper reported, without saying where it got the information.

Minefinders rallied 13 percent, heading for its biggest one-day gain since March 2009, to 9.988 euros by 10:47 a.m. in Frankfurt. The Vancouver-based company, which is also building the La Bolsa operation in Mexico, closed at C$11.50 in Toronto on Jan. 20, valuing it at C$954 million.

Pan American Silver is the world’s second-largest primary silver producer. It owns three mines in Peru. The stock closed at C$25.02 in Toronto on Jan. 20.

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