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A gold miner backed by property tycoon Nick Candy has bought a rival in a £90m deal. Metals Exploration has pounced on Condor Gold with an initial offer of £67.5m in cash and shares.
Condor shareholders will also be entitled to £22.6 million in the future if it hits gold production and resource targets.
The tie-up came after the Mail revealed that Metals Exploration – 38 per cent owned by Candy – was prepared to be hostile to its bid.
But Jim Mellon, president of Condor, and other investors supported the move. Mellon, 67, owns 26 per cent of Condor, while Candy, 51, whose wife is pop star Holly Valance, made his fortune through luxury developments.
Metals operates in the Philippines and its shares have more than doubled in a year. Condor has a project in Nicaragua.
Windfall: Nick Candy (pictured with wife Holly Valance) owns 38% stake in Aim-listed Metals Exploration
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