Feb. 14 (Bloomberg) -- Brazilian Billionaire Eike Batista’s AUX Canada Acquisition Inc. reached a verbal agreement to buy about 80 percent of gold explorer Ventana Gold Corp. in a deal that values the company at C$1.54 billion ($1.56 billion).
AUX will acquire all of the remaining shares in Ventana that it doesn’t already own for C$13.06 apiece in cash, Ventana said today in a statement. The offer represents a 34 percent premium above the 20-day volume-weighted average trading price through Nov. 16, the day before Batista offered C$12.63 a share, according to the statement.
The deal will give Batista 100 percent of Ventana and access to 3.5 million ounces of gold, as well as silver and copper deposits in Colombia. Batista, who is planning to sell shares in a Colombian coal mine, follows Anglo American Plc, BHP Billiton Ltd. and Xstrata Plc, in tapping the nation’s metal reserves at a time of near-record gold prices. Carlos Slim, the world’s richest person according to Forbes Magazine, said last week that he is seeking to boost his investments in Colombia because of the country’s open policy on commodities investment.
Ventana rose 4.8 percent to C$12.85 in Toronto trading as of 11:01 a.m. New York time, after earlier surging as much as 5.2 percent, the most since Nov. 17.