Goldcorp takes over Wharf Res.

Toronto-based Goldcorp (G.A-T) has completed its takeover of subsidiary Wharf Resources (WFR-T).

Goldcorp now holds 18.6 million common shares (or 96.8%) of Wharf and intends to acquire the remainder.

Wharf shareholders can exchange one share for either $9 or 0.72 of a Class A share of Goldcorp. Before the offer, Goldcorp already owned 50.3% of Wharf, which operates the Wharf and Golden Reward mines in South Dakota.

In the third quarter, Wharf earned US$1.9 million (or US10 cents per share) on revenue of US$12.2 million, compared with US$1.8 million on US$14 million in the same period last year. For the first nine months of 1996, the company posted a loss of US$1 million (US5 cents per share) on revenue of US$34.8 million, compared with earnings of US$3.8 million (US19 cents per share) on US$36.4 million in the corresponding period last year.