Australia gives clearance for gold miner Newmont’s $16.8 billion Newcrest Acquisition
- August 22, 2023
- Posted by: Quatro Strategies
- Categories: Asia Pacific, Mining & Metals, Sanctions & Regulation
Gold mining company Newmont Corp has received clearance from the Australian Competition and Consumer Commission (ACCC) to proceed with its proposed A$26.2 billion ($16.80 billion) takeover of Newcrest Mining. Under the deal, Newcrest shareholders would receive 0.400 Newmont shares for each share they own, implying a value of A$29.27 per share.
Newcrest Mining had previously expressed its support for the takeover offer, making it one of the largest deals ever involving an Australian company.
The Australian Competition and Consumer Commission (ACCC) reviewed the transaction and determined that a public review was not necessary. However, Newmont’s takeover still requires approval from other regulatory bodies, including Australia’s Foreign Investment Review Board (FIRB), as well as regulators in Japan, the Philippines, and Papua New Guinea.
The deal reflects the ongoing activity and consolidation within the gold mining industry. Newmont’s move to acquire Newcrest Mining aligns with the company’s strategic efforts to expand its portfolio and enhance its position in the market.
The completion of the deal would depend on receiving the necessary regulatory approvals and fulfilling any other conditions set forth in the agreement.
Interested in learning more?
Sign up for Top Insights Today
Top Insights Today delivers the latest insights straight to your inbox.
You will get daily industry insights on
Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.
Read more insights
Private equity firm Appian raised $2 billion for mining sector investments
Appian Capital Advisory, a specialized private equity firm focused on mining, has achieved a significant milestone by raising $2 billion for its latest fund, known as Fund III. This accomplishment is amplified by the fact that investor interest in the mining sector has been revitalized due to the global transition…
Markets bet on an AI-driven new era while the macro data still look old-school
Ever since generative AI exploded into public view, financial markets have been living inside a tug-of-war narrative: is this the foundation of a new economic era, or just the latest glossy wrapper on an old-fashioned tech bubble? On one side are the true believers who argue that AI isn’t just another sector story, it’s a macro story, akin to electrification or the internet. On the other are skeptics who see stretched valuations, easy money and hype, and hear echoes of 1999.
What’s changed in the last year is that this isn’t just a philosophical debate anymore: companies and governments have literally committed trillions of dollars in capex on the assumption that AI will transform productivity across the U.S. economy, and probably far beyond it.
Sweden formally joins NATO, signaling strategic shift in European security
Sweden’s accession to NATO represents a significant shift in its national security policy, driven by Russia’s invasion of Ukraine two years ago. Prime Minister Ulf Kristersson formally handed over the accession documents to the U.S. government in Washington, marking the completion of…