Newcrest leaves door ajar for takeover
US gold giant Newmont has been told to sweeten its bid for $21.73bn Newcrest Mining, as the target’s directors leave the door open for a friendly deal.
US gold giant Newmont has been told to sweeten its bid for $21.73bn Newcrest Mining, as the target’s directors leave the door open for a friendly deal.
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From bullion to EFTs, a takeover bid for Australia’s biggest gold company, Newcrest, has sparked a new round of investor action in the precious metal.
A buyout of Newcrest by Newmont may have a way to play out yet, but already there is a guessing game unfolding about what assets could be sold if the two gold miners merge.
Barrick is out of the running for Newcrest but Newmont will need to sweeten its offer to win support for the Australian gold major.
Whether Newmont is buying ounces or growth will be the key to whether Australian shareholders can expect a bump in the takeover offer.
Newcrest directors rejected an initial approach from Newmont and it is hard to see how they can endorse the sweetened offer from the world’s largest gold miner.
The $24bn move on the Australian gold producer comes when it is most vulnerable.
A major move on Australia’s biggest gold miner highlights strong prospects for gold investors in 2023.
The Australian mining powerhouse Newcrest is under takeover threat after some of the company’s top shareholders expressed concerns about its underperformance.
The offer would ease concerns about Newcrest’s complex growth plans, but may need a bump to win shareholder support, analysts say.
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Original URL: https://www.theaustralian.com.au/topics/newcrest/page/3