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Will Goldcorp (GG) Stock Be Helped by Acquisition of Kaminak Gold?

NEW YORK (TheStreet) -- Shares of Goldcorp (GG - Get Report) are dropping by 3.79% to $18.02 late Thursday morning, as the Vancouver-based gold producer agreed to buy Kaminak Gold for about C$520 million ($406 million).

Each Kaminak share will be exchanged for 0.10896 Goldcorp shares, according to a company statement.

The transaction values each Kaminak share at C$2.62, based on the closing price of Goldcorp's shares on the Toronto Stock Exchange yesterday.

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