Illustration: Aïda Amer/Axios
Denver-based gold miner Newmont has increased its takeover offer for Australian rival Newcrest to US$19.5 billion in stock.
Why it matters: Newmont already is the world's largest gold miner, and buying Newcrest would give it nearly double the annual output of its closest rival (Barrick Gold).
By the numbers: Newmont in February offered to buy Newcrest for around US$17 billion, which represented a 46% stock price premium, and says it won't go higher. In response, Newcrest has allowed Newmont to see its books.
The bottom line: Gold prices have climbed nearly 20% over the past six months, topping $2,000 and closing in on the all-time high from August 2020.
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