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Australian gold miner Newcrest endorses Newmont's raised offer
By Scott Murdoch and Melanie Burton
Sunday, May 14, 2023
Australian gold miner Newcrest Mining said it would back Newmont Corp's A$26.2 billion ($17.8 billion) takeover offer in one of the world's largest buyouts so far this year.
The deal, subject to approval from shareholders of both companies and other regulatory hurdles, would lift Newmont's gold output to nearly double its nearest rival, Barrick Gold Corp., and catapult the miner past Freeport McMoRan to become the largest U.S. gold and copper producer by market capitalisation.
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Newcrest shareholders would receive 0.400 Newmont share for each share held, with an implied value of A$29.27 a share, higher than a previous exchange ratio of 0.380 that Newcrest's board rejected in February. ...
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