Sino Gold shares jump on $1.4b Eldorado bid

MELBOURNE: Sino Gold Mining Ltd rose the most in almost nine months in Sydney trading after agreeing to a C$1.47 billion ($1.4 billion) all-stock bid from Canada's Eldorado Gold Corp for the shares it doesn't already own.

Sino jumped 12 percent to A$6.70 at the 4:10 pm Sydney time close on the Australian stock exchange, the most since Dec 9.

Eldorado, a gold producer in China, offered 0.55 of a share for each Sino stock, the companies said in a joint statement on Wednesday. That values Sino at about A$6.89 a share based on Eldorado's closing price yesterday in Toronto.