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.