The Board of Trade concerned by the hostile takeover bid for Montréal mining company Osisko

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Added on 13 January 2014 in Press releases

Montréal, January 13, 2014 – In light of the announcement by British Columbia mining company Goldcorp regarding the unsolicited takeover bid for Montréal mining company Osisko, the Board of Trade of Metropolitan Montreal is concerned about the consequences of this potential acquisition. It asks the Government of Quebec to institute measures to ensure that if the transaction goes ahead, it does not do a disservice to the economy of Quebec and Montréal.

“Osisko is one of just three Quebec-owned mining companies to go beyond the exploration stage,” said Michel Leblanc, President and CEO of the Board of Trade. “Its decision to exploit the Malartic gold deposit generated major economic spinoffs in Abitibi-Témiscamingue and resulted in supply contracts worth a half billion dollars to Quebec companies and Montréal service suppliers. These economic benefits far exceed what foreign mining companies invest when they exploit this sort of deposit in Quebec.”

“We must not forget that head offices play a major economic role in the city,” Michel Leblanc said. “They generate many high-calibre, high-paying jobs and contribute to the sales of a large network of local suppliers, particularly in professional services. Today’s announcement is a reminder of the importance of ensuring that Quebec companies can withstand hostile takeover bids.”

About the Board of Trade of Metropolitan Montreal
The Board of Trade of Metropolitan Montreal is made up of some 7,000 members. Its mission is to represent the interests of the business community of Greater Montreal and to provide individuals, merchants and local businesses of all sizes with a variety of specialized services to help them achieve their full potential in terms of innovation, productivity, and competitiveness. The Board of Trade is Quebec's leading private economic development organization.

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Source:
Michelle LLambias Meunier
Advisor, Media Relations
Board of Trade of Metropolitan Montreal
Tel.: 514 871-4000, ext. 4042
mllambias@ccmm.qc.ca

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