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Newmont seems to think gold will be going up
Newmont Raises Newcrest Bid to $19.5 Billion
From Bloomberg News
via Yahoo News, Sunnyvale, California
Tuesday, April 11, 2023
U.S. gold giant Newmont Corp. has sweetened its record bid for Australian rival Newcrest Mining Ltd., bringing closer the prospect of a new precious metal behemoth.
The revised takeover offer, valued at A$29.4 billion ($19.5 billion), comes two months after Newcrest rejected Newmont's earlier $17 billion all-stock deal. Shareholders and analysts alike say the transaction looks much more likely to move forward following the boosted bid.
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"It's clear that this is an improvement," said Simon Mawhinney, chief investment officer of Allan Gray Australia Pty Ltd., the second-biggest shareholder in Newcrest behind BlackRock Inc., according to data compiled by Bloomberg. "Even though I feel the market, and possibly Newmont, underappreciates Newcrest's assets, I don't feel anywhere near aggrieved enough to try and scupper a transaction like this." ...
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