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Toronto-based Sprott has asked an Alberta court to allow all shareholders in Calgary-based Central Fund of Canada Ltd. to vote on a plan that see their holdings exchanged for units in a new company, Sprott Physical Gold and Silver Trust. (LISI NIESNER/REUTERS)
Toronto-based Sprott has asked an Alberta court to allow all shareholders in Calgary-based Central Fund of Canada Ltd. to vote on a plan that see their holdings exchanged for units in a new company, Sprott Physical Gold and Silver Trust. (LISI NIESNER/REUTERS)

Sprott launches $3.1-billion hostile takeover of rival bullion fund Add to ...

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Money manager Sprott Inc. launched a hostile $3.1-billion (U.S.) takeover offer Wednesday for Central Fund of Canada Ltd. (CFCL), the latest battle in Sprott’s two-year campaign to unite rival gold and silver bullion funds.

Toronto-based Sprott asked an Alberta court to allow all shareholders in Calgary-based CFCL to vote on a plan that will see their holdings exchanged for units in a new company, Sprott Physical Gold and Silver Trust. If successful, the takeover would make Sprott a leading bullion fund manager, adding $3.1-billion in CFCL’s portfolio to the $9.3-billion (Canadian) in assets under management at Sprott.

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