Stock Making News on Monday: Osisko Mining (TSE:OSK.TO), Ford Motor Co. (NYSE:F), (NYSE:GG)

Technology Stocks News 19

Canada-listed Osisko Mining (TSE:OSK.TO) said Monday it has reached an agreement with larger dual-listed rival Goldcorp Inc. (NYSE:GG) to settle a proceeding Osisko (TSE:OSK.TO) commenced against Goldcorp (NYSE:GG) in the Quebec Superior Court, which prompted  GG shares to gain 2.5% in early Monday trading.

Under the agreement, Osisko (TSE:OSK.TO) has agreed to provide Goldcorp (NYSE:GG) full due-diligence access to its business and assets immediately following the announcement of any transaction outside the normal course of its business, or in any event, no later than April 1, 2014.

Also under the terms, Goldcorp (NYSE:GG) has agreed not to take up and pay for shares deposited to its hostile take-over bid prior to April 15, 2014. In return, Osisko has agreed to waive the application of its shareholder-rights plan on the earlier to occur of April 15, 2014, and the date Osisko enters into any third-party transaction.

The settlement also contemplates that no alternative transaction can be closed prior to April 15, 2014.

Osisko said it is continuing to “manage a robust process to aggressively pursue a range of value maximizing alternatives that are in the best interests of Osisko, the Osisko shareholders and other stakeholders.” It said the settlement contemplates that the deadlines may be abbreviated if Osisko announces a value-maximizing alternative to Goldcorp (NYSE:GG, G.TO)‘s hostile bid prior to April 15, 2014.

Shares in Ford Motor Co. (NYSE:F) were slightly lower in early trading Monday, after the company reported U.S. sales fell 6% in February to 183,947 vehicles.

Retail sales fell 4% to 125,919 vehicles. Ford  (NYSE:F) said its F-Series and Lincoln brand vehicles posted strong gains. F-Series sales were 55,882, marking Ford’s best February sales for that line in eight years. Lincoln sales gained 36% to 6,661.

“Sales surged in the final week, providing us momentum after a slow start to the month,” said John Felice, Ford vice president, U.S. marketing, sales and service.   The shares recently traded down 0.8% at $15.26 in a 52-week range of $12.15 to $18.02.

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