European Goldfields gets fresh takeover approach

EUROPEAN Goldfields shares were halted on the Toronto Stock Exchange after a report the developer of mines in Greece has been approached about a takeover by Eldorado Gold.

In a statement, European Goldfields acknowledged its “recent trading activity” and confirmed it had “received preliminary and indicative approaches from third parties regarding potential corporate transactions.” It said it would not name the possible bidders for the time being.

The Investment Industry Regulatory Organization of Canada yesterday issued a statement, confirming the move.

Eldorado’s proposal to European Goldfields threatens to scupper Qatar Holding’s plan to buy a stake in European Goldfields, Sky News reported.

European Goldfields’ Aim-listed shares soared 17.8 per cent yesterday, while its Canadian stocks rose 15 per cent before trading was suspended.