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
Rising U.S. crude production challenges OPEC+ efforts to stabilize prices
U.S. crude oil production reached a historic high for the second consecutive month in September, creating a complex scenario for Saudi Arabia and its OPEC+ partners as they navigate production cuts aimed at stabilizing global oil prices. Despite the persistent efforts of OPEC+ to…
Biden administration allocates $890 million for carbon capture projects
The U.S. Department of Energy has allocated substantial funding, totaling up to $890 million, for projects focused on demonstrating the viability of carbon capture technologies. The selected projects target natural gas and coal plants in Texas, California, and North Dakota, with the aim…
World economies in flux as major powers redefine trade, defense, and fiscal policies
The world is witnessing the greatest amount of uncertainty over economic policy in decades. While this is particularly true for the United States, the observation applies globally as nations scramble to adjust to shifting economic and geopolitical realities.
At the center of this transformation is Donald Trump. His new trade tariffs on Canada, Mexico, and China have pushed U.S. average tariff rates back to levels not seen since the 1940s.
