Newcrest shareholders give Newmont the nod for takeover
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The news: Australian gold miner Newcrest's shareholders have strongly approved the company's takeover by Newmont, the worlds largest gold producer.
The numbers: The deal, worth $26.2 billion, is Australia's largest corporate buyout this year, and the third largest ever for an Australian company, Reuters reports. Proxy votes were 91.66% in favour of the bid, a slide shown at the company's AGM showed. Newcrest shareholders will receive 0.4 Newmont shares for each share held.
The context: Regulatory approvals in Australia, Canada and Papua New Guinea have all been obtained, Newmont said last week. The deal is big news in a quiet year for Australian mergers and acquisitions, which are down 25.7% for the first three quarters of 2023.
The source: Reuters
