Newmont Mining Corp. will buy rival Goldcorp Inc. in a deal valued at $10 billion, creating the world’s largest gold miner.
Under the terms of the deal, Newmont will acquire each Goldcorp share for 0.3280 of a Newmont share, which represents a 17 percent premium based on the companies’ 20-day volume weighted average share prices.
The transaction, the biggest ever takeover in the gold sector, reported Bloomberg.
“Combining forces will give us the sector's best project pipeline and exploration portfolio,” said Gary Goldberg, Newmont chief executive on a conference call with analysts, reported Reuters.
