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Gold/Mining/Energy : A to Z Junior Mining Research Site

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To: 4figureau who wrote (2835)	1/22/2003 12:43:26 PM
From: 4figureau	Read Replies (2) of 5423

Legal disputes complicate planned merger of Kinross Gold, TVX, Echo Bay Canadian Press Wednesday, January 22, 2003 TORONTO (CP) - One week before shareholders vote on a proposed $1.9-billion merger of Kinross Gold, TVX Gold and Echo Bay Mines, the companies are trying to resolve nagging legal disputes. TVX Gold said Wednesday that its Alpha Group stockholders are seeking a temporary injunction requiring TVX to disclose the allocation of the gold company's assets after any merger. "The Alpha Group has alleged that it has a right of first refusal over TVX's Greek assets and that the right is triggered by the proposed business combination," TVX Gold said in a release. Meanwhile, Kinross reported a delay in its attempt to buy out other shareholders of Russian subsidiary Omolon Gold Mining Co. Kinross already owns 54.7 per cent of Omolon. Despite those problems, stock in all three merger hopefuls rose in early trading Wednesday on the Toronto stock market. Kinross shares (TSX:K) rose 11 cents to $3.83, TVX stock (TSX:TVX) was up 66 cents at $24.60 and Echo Bay (TSX:ECO) gained six cents to $1.98. Kinross plans a shareholder vote on the merger next Tuesday. TVX and Echo Bay stockholders get to vote Friday, Jan. 31, after which Ontario Superior Court approval would be required. The merger would create the world's seventh largest gold producer. canada.com

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