NEM - Canadian competition regulator clears Newmont's acquisition of Newcrest

2023-07-18 09:23:12 ET

Newmont ( NYSE: NEM ) +0.9% pre-market Tuesday after saying the Canadian Competition Bureau issued a "no action" letter clearing its proposed acquisition of Newcrest Mining ( OTCPK:NCMGF ) ( OTCPK:NCMGY ) under Canadian competition law.

Newmont ( NEM ) said it is progressing towards receiving regulatory approvals in other jurisdictions for a transaction close expected in Q4.

The merger, announced in May , would create by far the world's biggest gold miner by production, with mines in North and South America, Africa, Australia and Papua New Guinea.

The takeover still requires approval from Australia's Foreign Investment Review Board as well as favorable votes from shareholders of the two companies.

More on Newmont:

• Financial and valuation comparison to sector peers
• Analysis: Newcrest Deal: Solidifying Newmont's Position As The Largest Gold Producer
• Stock price return: Down 10% YTD, down 18.5% in the past 12 months

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