Newmont Corporation finalizes acquisition of Newcrest Mining Limited

  • Stock Market News
Newmont Corporation finalizes acquisition of Newcrest Mining Limited
Credit: © Reuters.

Newmont Corporation, through its subsidiary Newmont Overseas Holdings Pty Ltd, has successfully completed the acquisition of Newcrest Mining (OTC: NCMGF ) Limited. The acquisition was executed under a scheme approved by the Newcrest Board, which resulted in eligible shareholders receiving 0.400 units of Newmont securities for each share they held.

The Scheme Record Date was set for 7:00 PM Melbourne time on October 30, 2023. Depending on their geographical location, shareholders received different forms of depositary interests. Australians were allocated CHESS depositary interests, PNG residents received PETS, and Canadians were given direct shares. In contrast, ineligible foreign shareholders did not receive securities but cash proceeds from the sale managed by a Sale agent.

Following a trading suspension on all exchanges on October 26, 2023, Newcrest is scheduled to cease its official quotation by November 7, 2023. This step is part of the acquisition process and has been authorized by the Newcrest Board.

Newcrest Mining Limited was listed on multiple exchanges including ASX, TSX, and PNGX prior to the acquisition. With this transaction, Newmont Corporation expands its global footprint and strengthens its position in the mining industry.

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