Nord Gold NV Stake In High River Gold Mines Ltd. Rises To 88.7%-DJ
Dow Jones reported that Nord Gold NV has increased its stake in High River Gold Mines Ltd. to 88.7% as it moves to take full control of the Canadian company. Nord Gold, a spin-off unit from Russia's largest steelmaker OAO Severstal, in July made an offer to buy the remaining shares it didn't already own in High River. The company has successfully bought out nearly 55% of minority shareholders. The current offer of either 0.285 of Nord Gold's U.K.-listed global depositary receipts for each High River share, or CAD1.40 ($1.41) in cash for each High River share, is set to expire December 8, but Nord Gold says it plans to acquire any remaining shares through a subsequent offer under similar terms.
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