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
Global markets watch closely as central banks signal potential interest rate cuts in 2024
As 2024 approaches, there is a shared hope among investors, economists, business leaders, and consumers worldwide for interest rate cuts. Most major central banks in developed economies closed 2023 with policy meetings that signaled the end of aggressive rate hikes that had…
Canada’s total oil output expected to increase by 8% in two years
In the second quarter of 2023, Canadian crude production faced challenges from a busy oil sands maintenance season and early summer wildfires, leading to a temporary decline. However, industry analysts anticipate a strong growth trajectory for the Canadian oil sector over the next two years. Oil companies are gearing up to add nearly 8% to Canada’s total crude output, a boost that would exceed the cumulative increase of the past five years.
Equinor expands renewable energy portfolio with inauguration of solar plant in Brazil
Equinor, the Norwegian energy company, has inaugurated a 531-megawatt solar plant in Brazil, significantly increasing its power production in the country by 30%. The Mendubim solar plant is expected to generate 1.2 terawatts per hour (TWh) of power annually, with 60% of the output sold through…
