The company’s offer amounted to 29 billion Australian dollars, which is equivalent to 19 billion US dollars.
The board of directors of Australian gold miner Newmont has unanimously backed an AU$29 billion ($19 billion) takeover bid for US rival Newcrest. The Financial Times reported this.
Newmont will now acquire Newcrest, which it founded in the 1960s and then spun off in a merger with BHP, offering 0.4 shares for every Australian share.
The deal will strengthen the operations of Newmont, which is based in Denver, Australia, Canada and Papua New Guinea, the newspaper notes.
Newmont first approached Newcrest in February of this year with an offer to buy all the shares, but was rejected. In April, it raised its offer to A$29.4 billion.
US-listed Newmont CEO Tom Palmer, an Australian, said the acquisition represented “extraordinary value” for shareholders.
“This creates an industry-leading portfolio with years of experience producing gold and copper in the world’s most desirable mining jurisdictions,” he said.
Source: korrespondent
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