Newmont sweetens its golden megamerger offer for Newcrest to $19.5 billion

On:

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:
  1. Harry and Meghan could get coronation invite after Camilla’s move, expert says
  2. Greta Thunberg says it is 'time to hand over the megaphone'
  3. Russian soldier in his 60s ‘raped great-grandmother’ in awful attack
  4. LA man & real estate agent stole items worth at least $5m from celebs
  5. Man, 72, killed after being gored in the groin at Spanish bull-running fiesta