Australia's Newcrest climbs as co backs Newmont's $17.8 bln offer

National CineMedia

15/05/2023 02:30

** Shares of Australia's Newcrest Mining  NCM.AX  rise as
much as 1.9% to A$28.78, their biggest intraday percentage gain
since May 5
    ** Newcrest says it would recommend its shareholders vote in
favour of Newmont Corp's  NEM.N  final takeover offer of A$26.2
bln ($17.77 bln)
    ** Under deal, NCM shareholders would receive 0.400 NEM
share for each stock held, higher than previous exchange ratio
of 0.380 that Newcrest's board unanimously rejected in Feb
    ** The offer is a 30.4% premium to NCM's stock price in Feb
before Newmont bid became public
    ** Newmont is offering a franked special dividend of up to
$1.10/share on or around the implementation of deal
    ** Says NCM shareholders will be able to choose to receive
NYSE-listed Newmont shares or Australian-listed CHESS Depository
Instruments (CDIs) as payment
    ** Says deal due to be finalised in Q4 of 2023
    ** NCM stock up 36.9% YTD, as of last close 
    

     ($1 = 1.4743 Australian dollars)

 (Reporting by Riya Sharma in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))