Heinz Blasnik- Views You Can Use Message Board

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Strategies & Market Trends : Heinz Blasnik- Views You Can Use

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To: orkrious who wrote (4246)	4/1/2004 7:11:39 PM
From: patron_anejo_por_favor	Read Replies (1) of 4905

Trotsky not-too-hot on WHT/IAG deal (FWIW, I sold all my WHT yesterday): Date: Thu Apr 01 2004 17:00 trotsky (IAG/WHT merger) ID#377387: Copyright © 2002 trotsky/Kitco Inc. All rights reserved in terms of valuation ( per reserve ounce and per production ounce ) the merger is absurd ( if one looks at it the way it is structured, as a takeover of WHT by IAG ) . the numbers are way beyond industry averages. Saville's latest missive contained the numbers: $613,- per reserve ounce and $5.194,- per production ounce. per comparison, the current ( already very richly valued ) industry averages are : $163/oz. for reserves, $2.250 oz. for production ( per annum ) . even the super expensive mid tier producers like Glamis or Goldcorp look like downright bargains compared to this take-over premium. it remains to be noted that takeovers at premiums that make no commercial sense ( they don't have to - after all, one overvalued piece of paper is paid for with another overvalued piece of paper, similar to Cisco's many takeovers in the late 90's ) have a tendency to appear close to market tops. not sure if this one is such a sign, but it could be.

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