Newcrest Mining rejected a US$17\u002Dbillion takeover bid by Newmont, with the interim CEO saying the company was “worth a lot more.” Read on.
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“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.”Article content
The Australian miner is going through a period of management transition after its veteran chief executive, Sandeep Biswas, left at the end of last year. For Newmont, eager to put some distance between itself and rival Barrick Gold Corp., the deal is an opportunity to acquire future ounces but also scale, which matters as gold miners seek to attract more non-specialist investors.
Newcrest’s copper assets account for around a quarter of revenue. Demand for the metal that’s key for renewable energy infrastructure, electric vehicles and electricity networks is expected to surge as the world moves away from fossil fuels.
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