Newcrest Mining Agrees to $17.5 Billion Takeover by Newmont
15 Maggio 2023 - 12:34AM
Dow Jones News
By David Winning
SYDNEY--Newcrest Mining said it has agreed to a $17.5 billion
takeover by Newmont, extending a wave of deals in the sector as
global miners seek to boost their exposure to metals like copper
and gold.
Newcrest said on Monday that it recommends shareholders vote in
favor of Newmont's offer, which comprises 0.400 of its own shares
for each Newcrest share. In addition, Newcrest is permitted to pay
a special dividend of up to $1.10 a share around the time any deal
completes.
Those terms were in line with a revised offer pitched by Newmont
that was announced to the market by Newcrest on April 11. However,
the price of Newcrest's stock implied by the transaction has fallen
over the past month.
Newcrest said on Monday that the deal implies a price for its
own stock of 29.27 Australian dollars (US$19.53), representing a
30.4% premium to where its shares were trading in early February
prior to Newmont's interest becoming known.
Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
May 14, 2023 18:19 ET (22:19 GMT)
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