Gold miner Eldorado Gold Corp (ASX:EAU) has withdrawn its offer for Andean Resources Ltd (ASX:AND).
According to a report in The Australian this morning, Eldorado says it would not beat a $3.8 billion offer made by Canada's Goldcorp.
Takeover target Andean Resources announced in July that it expects its Cerro Negro gold mine in Argentina to have the potential to produce up to 285,000 ounces of gold a year at low cost.
The Australian reports Eldorado CEO Paul Wright saying Andean's Cerro Negro mine would be a good to have asset but is not a need to have asset.
Mr Wright says the company will not be drawn into a bidding war and that Eldorado has sufficient internal growth opportunities without acquiring Andean.
Andean Resources has recommended Goldcorp's offer to shareholders.
Eldorado Gold booked a $141 million profit for fiscal 2010.
EAU Price at posting:
$21.21 Sentiment: None Disclosure: Held
