Ramelius ends takeover talks with Canadian miner Karora
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The news: Gold miner Ramelius Resources has ended talks with Canadian listed miner Karora Resources over a deal worth a potential $700 million to $1 billion, with "no final agreement" made.
The numbers: Like Ramelius, Toronto-based Karora operates a number of assets in Western Australia, and holds a market capitalisation of around $975 million.
Earlier this month, Ramelius shares climbed as the miner forecasted up to $100 million to be added to its third quarter earnings, bringing its cash and gold holding to more than $400 million by the end of FY24.
The context: Ramelius told shareholders that following its "usual disciplined due diligence process", the two companies came to no final agreement, including on value.
Perth-based Ramelius previously announced it had entered "exclusive discussions" regarding a "potential corporate transaction" with Karora, while the Canadian miner had also confirmed talks over "a potential business combination".
The source: ASX announcement
