From Breakingviews: Newmont is offering $17 billion for Australia’s Newcrest. A deal would stack up. But Barrick, which Newcrest spurned in 2019, might jump back into the fray. It has the makings of a value-destructive bidding war, says AntonyMCurrie
, the $24 billion third-largest miner of the ore, may want to dig in, too. The deal as currently imagined stacks up on paper, but there’s a high chance it will spark a value-destructive bidding war.loadingAustralia’s Newcrest Mining on Feb.
6 said in a regulatory filing that it had received “a conditional and non-binding indicative proposal” to be acquired by Newmont. The all-share offer values Newmont at A$25 billion, a 22% premium based on the two gold miners’ closing prices on Feb. 3 and the U.S-Australian dollar exchange rate on Feb. 6.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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