The Federal Court of Australia has ordered a meeting of Newcrest and Newmont shareholders to vote on Newmont’s acquisition of Newcrest.
The Newmont stockholders meeting will take place virtually on Wednesday, October 11, 2023, at 8:00 a.m, Mountain Daylight Time.
Newcrest’s shareholder vote will be held in person and online on Friday, October 13, 2023, at 10:30 a.m, Australian Eastern Daylight Time.
Newmont stockholders will vote on the issuance of shares of Newmont common stock, with the Newmont board of directors unanimously recommending that they vote in favour of each of the proposals.
The Newcrest meeting will see the stockholders consider and vote on the acquisition.
“Once approved, Newmont and Newcrest shareholders will own an unmatched portfolio of gold and copper assets, including 10 Tier 1 operations, each with the scale, mine life and cost profile to sustain profitable production and best-in-class sustainability performance decades into the future,” Newmont president and chief executive officer Tom Palmer said.
The two gold companies reached an agreement for Newmont to acquire 100 per cent of the issued shares in Newcrest by way of a scheme of arrangement in May this year.
Newcrest – originally a Newmont subsidiary spun off in the 1960s – operates mines in Australia, Canada and Papua New Guinea, with the latter including the notable Lihir mine, one of the largest gold mines in the world.
Newmont first attempted a takeover in February this year with a $24 billion offer, which the Newcrest board rejected.
Not long after, Newcrest granted Newmont exclusive due diligence which paved the way for the current offer.