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Newmont $29b takeover to spur massive liquidity event (that few are watching)

Success is judged by liquidity – the degree to which trading occurs on the ASX. There have been plenty of failures.

Sarah Thompson, Kanika Sood and Emma Rapaport
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Newmont’s proposed acquisition of ASX-listed gold miner Newcrest is widely expected to sail past the shareholder takeover vote in two weeks. But what hasn’t been widely discussed is whether the takeover will be the biggest liquidity event on the ASX since Square’s $39 billion Afterpay deal.

In a nutshell, Newmont’s ASX-listed Chess Depository Interest is on track to hit the bourse next month, forming a local listing for the $US32.4 billion ($50.4 billion) New York-listed gold mining giant.

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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Kanika Sood is a journalist based in Sydney who writes for the Street Talk column. Email Kanika at kanika.sood@afr.com.au
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
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Original URL: https://www.afr.com/link/follow-20180101-p5e6jc