Federal Court approves Newmont's takeover of Newcrest
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The news: The Federal Court of Australia has signed off on US gold giant Newmont's takeover of Aussie miner Newcrest. Newcrest is expected to lodge the court orders with ASIC tomorrow.
The numbers: The deal, worth $26.2 billion is the third-largest corporate buyout in Australia's history. Newcrest shares will continue to trade on the ASX, PNGX and TSX until the close of trading on 26 October. Under the deal, Newcrest shareholders will receive 0.4 Newmont shares per security.
The context: Newmont's position as the world's biggest gold producer will be further cemented by its acquisition of Newcrest, the 8th-largest producer of gold in 1H23, according to Kitco.
The sources: ASX Announcement, Kitco Report
