Newmont’s bid to acquire Newcrest gets green light from regulator
The Australian Competition & Consumer Commission (ACCC) cleared Newmont’s proposed acquisition of Newcrest Mining (ASX: NCM).
Newmont, which announced the news today, said the ACCC is expected to convey its clearance of the transaction to Australia’s Foreign Investment Review Board for consideration.
Earlier this month, Korea’s Fair Trade Commission and Papua New Guinea’s (PNG) Independent Consumer & Competition Commission cleared the proposed acquisition. In July the Canadian Competition Bureau issued a “no action” letter also clearing the transaction.
Other regulatory approvals to be secured for Newmont’s proposed acquisition of Newcrest include the Australia Foreign Investment Review Board (FIRB), the Japan Fair Trade Commission (JFTC), and the Philippine Competition Commission (PCC). Newmont and Newcrest also continue engaging with the PNG Government and regulators about other approvals and clearances for the transaction.
On May 14, Newmont announced its definitive agreement to acquire Newcrest. According to Newmont, the combined business is anticipated to generate annual pre-tax synergies of $500 million, expected to be achieved within the first 24 months, while also targeting at least $2 billion in the first two years after closing through portfolio optimization.
