Newcrest Rejects Newmont’s $17 Billion Takeover Offer – by James Fernyhough (Bloomberg News – February 15, 2023)

(Bloomberg) — Newcrest Mining Ltd. rejected an initial $17 billion takeover bid by US rival Newmont Corp., with the Australian miner’s interim CEO saying the company was “worth a lot more.”

It did offer some hope to its suitor, however, by indicating it’s prepared to provide access to its books on a non-exclusive basis. The all-shares deal would have been the largest globally this year and created the world’s biggest gold miner.

Newcrest is an attractive target because of the comparatively long life of its gold assets — more than 20 years — as well as its deposits of copper.

“The company is not up for sale and this was unsolicited,” Sherry Duhe, the interim chief executive officer, said in an interview on Bloomberg Television. “We have offered Newmont limited conversations to share a bit more about where we see value in the portfolio, and so obviously that’s with them now to see if they’d like to decide to engage.”

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