Commodities
B2Gold Deal Gives Miner Canadian Foothold as M&A Picks Up
- Takeover would see B2Gold expand operations into Canada
- CEO Johnson has been seeking to diversify from Africa and Asia
Source: Bloomberg
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B2Gold Corp. agreed to buy Sabina Gold & Silver Corp. in a C$1.1 billion ($820 million) stock deal that will give the company its first mining assets in Canada.
The takeover offer comes less than a week after B2Gold Chief Executive Officer Clive Johnson said the Canadian company was looking to buy struggling smaller metals producers and distressed assets to diversify operations beyond Africa and Asia. The deal comes eight days after Newmont Corp.’s $17 billion proposal to acquire Australia’s Newcrest Mining Ltd. in what would be the largest gold deal ever.