Endeavour Mining to Acquire Rival Teranga Gold for $1.86 Billion

Endeavour Mining to Acquire Rival Teranga Gold for $1.86 Billion

Endeavour Mining Corp., the acquisitive gold producer backed by Egyptian billionaire Naguib Sawiris, agreed to buy Teranga Gold Corp. to expand in West Africa.Endeavour is offering 0.47 of its own shares per Teranga share, a 5.1% premium to Teranga's closing price on Nov. 13, the companies said in a statement on Monday. The price values Teranga's equity at C$2.44 billion ($1.86 billion), according to Bloomberg calculations.