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Newmont Mining (New York Stock Exchange: NO) is on the verge of a deal to buy Newcrest Mining Ltd. (OTCPK: NCMGY) for about A$29.4 billion ($19.5 billion).
The parties are in the final stages of talks and may announce agreement on a binding offer soon As the coming days, according to A.S bloomberg report, which cited familiar people. newcrest (OTCPK: NCMGY(agree to extend)no) due diligence rights for Thursday after the expiration of a previous deadline.
The latest update comes after Bloomberg reported that the board of Newcrest Mining (OTCPK: NCMGY) is ready to recommend a takeover bid from Newmont (NYSE: NEM) to its shareholders, interim CEO Sherry Duhe said earlier this month.
If successful, the deal would create by far the largest gold mine in the world, with mines in North and South America, Africa, Australia and Papua New Guinea.
Newmont first made a non-binding bid to take over Newcrest, Australia’s largest gold miner, in February, in an offer valued at about $17 billion. Newcrest’s board rejected the offer and Newmont (NEM) increased its bid last month to $19.5 billion.
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