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.
Source: Read Full Article
Lates News:
-
Families face another 12 months of the cost-of-living crisis
-
US chopper raid in Syria kills IS boss who planned ‘attacks in Europe’
-
Our picturesque seaside town is being invaded by partygoers – we’re scared to go out and police aren't stopping them | The Sun
-
Meghan Markle ‘upset’ royals because she was ‘cleverer than them’, claims expert
-
FIFA 23: How Sophia Smith and other Colorado NWSL players are rated