Newmont shareholders vote on Newcrest deal
PERTH (miningweekly.com) - The shareholders of NYSE- and TSX-listed Newmont have backed the A$26-billion takeover offer for Australian gold miner Newcrest Mining.
Newmont noted that more than 96% of the votes cast at the company’s shareholder meeting were voted in favour of the acquisition.
“Recognizing the strategic rationale to create the industry’s strongest portfolio of world class gold and copper assets, Newmont’s shareholders overwhelmingly voted in favour of this transformational transaction,” said Newmont president and CEO Tom Palmer.
“This unrivalled platform, featuring the industry’s best talent running the highest concentration of Tier 1 assets in the most favorable jurisdictions, uniquely positions Newmont to generate superior returns for decades.”
Under the offer, Newcrest shareholders will receive 0.4 Newmont shares for each Newcrest shares held, with Newcrest additionally permitted to pay a fully franked special pre-completion dividend of up to $1.10 a share.
The offer values Newcrest shares at A$29.27 each and implies an equity value of A$26.2-billion and an enterprise value of A$28.8-billion to Newcrest.
The offer represented a 30.4% premium to Newcrest’s undisturbed closing price of A$22.45 a share on February 3, and a 39.1% premium to the company’s undisturbed 30-day volume weighted average share price.
Newcrest shareholders will meet on Friday to vote on the transaction.
In addition to Newcrest shareholder approval, the transaction also remained subject to court approvals.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
