MINING REFINING

Newmont gets Aussie regulatory nod for $16.8bn Newcrest deal

Tue Aug 22 2023

Gold miner Newmont Corp said on Monday it has received clearance from Australia's competition regulator to proceed with its proposed A$26.2-billion ($16.80-billion) takeover of Newcrest Mining.

If the deal goes through, Newcrest shareholders would receive 0.400 Newmont share for each share, with an implied value of A$29.27 a share.

Newcrest in mid-May said it would back the takeover offer in what would be the third-largest deal ever involving an Australian company.

"The Australian Consumer and Competition Commission (ACCC) has assessed the transaction and considered that a public review was not required," a spokesperson for the ACCC told Reuters.

Newmont continues advancing other regulatory approvals and expects to close the transaction in the fourth quarter of this year, it said.

The deal still requires approvals from Australia's Foreign Investment Review Board (FIRB), as well as nods from regulators in Japan, the Philippines and Papua New Guinea.

Newcrest did not immediately respond to Reuters' requests for comment.

Source: https://www.miningweekly.com