Goldcorp to buy Glamis, creating Canadian giant

TORONTO AND VANCOUVER — Bucking the trend of corporate Canada becoming a shopping mall for foreign investors, Vancouver-based Goldcorp Inc. has announced a friendly takeover of Glamis Gold Ltd. that would create the world's No. 3 gold producer, in a deal worth more than $21-billion (U.S.).

The wheels were put into motion two months ago, when an emissary from Glamis approached Goldcorp, Goldcorp chief executive officer Ian Telfer said in a television interview Thursday morning. In July, the companies decided to have a look at their combined numbers, and then began discussions.

“Its a great marriage,” Mr. Telfer said. “The timing is excellent, and it will be the lowest-cost, fastest-growing unhedged gold company in the world.”

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