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Newmont Corp (NYSE:NEM) shares are trading lower Monday after the company proposed an all-stock acquisition of Newcrest Mining Ltd (OTC:NCMGY).
What Happened: Newmont said it submitted a non-binding proposal to acquire 100% of the issued share capital of Newcrest via a scheme of arrangement.
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The proposal would result in a combination on the basis of .38 Newmont shares per Newcrest share. Newcrest would own 30% of the combined company and Newmont would own 70%.
"We believe a combination of Newmont and Newcrest presents a powerful value proposition to our respective shareholders, workforce and the communities in which we operate. The proposed transaction would join industry-leading portfolios of assets and projects to create long-term value across the combined global business," said Tom Palmer, president and CEO of Newmont.
Newmont is the world's leading gold company. It also produces copper, silver, zinc and lead.
Related Link: Newmont Offers To Acquire Gold Producer Newcrest Mining
NEM Price Action: Newmont has a 52-week high of $86.37 and a 52-week low of $37.45.
The stock was down 6.12% at $46.80 at time of publication, according to Benzinga Pro.
Photo: courtesy of Newmont Corp.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.