Newmont Gets Newcrest Data Access in Gold Takeover Tussle – by Jacob Lorinc, Yvonne Yue Li and Harry Brumpton (Bloomberg News – March 22, 2023)

(Bloomberg) — Newmont Corp. has gained partial access to the corporate books of Australian rival Newcrest Mining Ltd., according to people familiar with the matter, a sign that the US company could make a revised offer to seal what would be the world’s largest gold takeover.

Newmont is undertaking limited due diligence on Newcrest weeks after management of the Melbourne-based miner dismissed a $17 billion proposal from the world’s top bullion producer, according to people who asked not to be named because the information isn’t public.

Newcrest rebuffed Newmont’s all-stock offer in mid-February, with management saying the company is “worth a lot more” than what the Denver-based suitors proposed. But investors see few options for Newcrest, with no obvious alternative buyers to challenge Newmont.

Barrick Gold Corp., the world’s No. 2 bullion producer, has said it doesn’t plan to make a rival offer and Agnico Eagle Mines Ltd., the third-largest gold miner, is busy wrapping up its second big gold takeover in 13 months.

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