(Bloomberg) — In the rush of the 2000s commodities boom, the world’s biggest miners earned a reputation as swashbuckling dealmakers, taking on rivals in an onslaught of hostile offers, massive mergers and vicious bidding wars.
Then it all fell apart. A series of disastrous transactions meant balance sheets got shredded, bosses got fired and investors were furious. And so, for the past decade, miners have focused on mining and the mega deals mostly dried up. But now their penitence is over.
Across the mining world, the appetite for large, transformational mergers and acquisitions has returned, based on multiple conversations with executives at large producers and bankers who advise them.
The industry is flush with cash after last year’s record profits, while boards and managers believe they have the support of key investors after promising to avoid the reckless overspending of the last cycle.
For the rest of this article: https://www.bnnbloomberg.ca/mega-miners-are-hunting-for-deals-after-decade-on-the-sidelines-1.1871256