"Newmont gets clearance from Australia\u2019s competition regulator to acquire Newcrest"

" Newmont gets clearance from Australia\u2019s competition regulator to acquire Newcrest \r\n\r\n \r\n \r\n\r\nNewmont Corporation announced on Monday, 21 August 2023 that following a review by the Australian Competition & Consumer Commission (ACCC), the agency has cleared the company to proceed with its proposed acquisition of Newcrest Mining Limited.\r\n\r\nThe ACCC is expected to convey its clearance of the transaction to Australia\u2019s Foreign Investment Review Board for consideration.\r\n\r\nNewmont continues advancing other regulatory approvals and expects to close the transaction in the fourth quarter of this year.\r\n\r\nEarlier this month, Korea\u2019s Fair Trade Commission and Papua New Guinea\u2019s (PNG) Independent Consumer & Competition Commission cleared the proposed acquisition.\r\n\r\nIn July, the Canadian Competition Bureau issued a \u201cno action\u201d letter also clearing the transaction.\r\n\r\nOther regulatory approvals to be secured for Newmont\u2019s proposed acquisition of Newcrest include the Australia Foreign Investment Review Board (FIRB), the Japan Fair Trade Commission (JFTC), and the Philippine Competition Commission (PCC).\r\n\r\nNewmont and Newcrest also continue engaging with the Paua New Guinea government and regulators about other approvals and clearances for the transaction.\r\n\r\nOn May 14, Newmont announced its definitive agreement to acquire Newcrest.\r\n\r\nThe combination would create a world-class portfolio of assets with the highest concentration of Tier-1 operations, primarily in favourable, low-risk mining jurisdictions.\r\n\r\nUpon closing of the transaction, the combined company would deliver a multi-decade production profile from 10 large, long-life, low-cost, Tier-1 operations, and increased annual copper production primarily from Australia and Canada.\r\n\r\nThe 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 optimisation.\r\n\r\n \r\n "

"Newmont gets clearance from Australia\u2019s competition regulator to acquire Newcrest"

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