Under the deal announced Tuesday ,
The new Agnico Eagle will be led by a combined board and management team including seven directors from Agnico Eagle and six from
Agnico Eagle CEO
"The transaction creates a company with a strong platform of people, assets and financial resources to continue to build and operate a long term sustainable and self funding business," Boyd said in a statement.
"Kirkland Lake is an excellent cultural fit with Agnico Eagle, and we look forward to working together to further grow our business through exploration, mine development and optimization of our high-quality asset base."
Makuch said the deal creates an industry leader.
"The transaction represents a true merger of equals, with the business of both companies to benefit from the significant financial strength of the merged company, the extensive pipeline of development and exploration projects to drive future growth, and the potential to realize significant operational and strategic synergies along the
Existing Agnico Eagle shareholders will own 54 per cent of the combined company while
The deal requires approval by a two-third majority vote by
Agnico Eagle has mines are in
This report by
Companies in this story: (TSX:AEM, TSX:KL)
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