Eldorado Gold withdraws bid for Andean Resources - MarketWatch

SAN FRANCISCO (MarketWatch) -- Eldorado Gold Corp. /quotes/comstock/13*!ego/quotes/nls/ego (EGO 16.56, +0.40, +2.48%) said Tuesday that it has decided not to proceed with its bid to buy Andean Resources Ltd. . "The gold industry, as a whole, has an appalling track record of value destruction and Eldorado has no intention of following in these unfortunate footsteps. For these reasons and at this time, Eldorado has elected not to pursue the acquisition of Andean Resources any further," Paul Wright, president and chief executive officer, said in a statement. Last Friday, Goldcorp Inc. /quotes/comstock/13*!gg/quotes/nls/gg (GG 41.56, +0.17, +0.41%) said it will pay $3.4 billion for all outstanding shares of Andean Resources.