Newmont’s $17 Billion Newcrest Deal Unlikely to Get Challenged
- Shares of Newmont fall after proposal to buy Australian miner
- Barrick CEO said he doesn’t plan rival bid for Newcrest
A Newmont Corp. employee stands near the edge of a mining pit in Sumbawa, Indonesia.
Photographer: Jonathan Drake/BloombergThis article is for subscribers only.
Newmont Corp.’s $17 billion takeover proposal for Newcrest Mining Ltd. marks the industry’s biggest gold mining deal — and one that’s unlikely to get challenged by rivals.
Newmont is the world’s top gold producer and its proposal reunites the Denver-based company with an Australian company it spun off in 1990. The all-stock offer, disclosed Monday, won’t be challenged by a rival bid from Barrick Gold Corp., the No. 2 bullion producer, according to its Chief Executive Officer Mark Bristow.