News: WGX Westgold Resources And Karora Resources Agreed To Combine In A Merger, page-3

Looks like a decent transfer of value from WGX to Karora shareholders.

Apart from the corporate synergies I doubt they get within cooee of the operational synergy assumption given lack of overlapping operations. Otherwise every gold stock would be merging to achieve "synergies" based on scale alone.

You can probably argue there is some diversification benefits and Karora appears to have a slightly lower AISC and hence more profitable ounces but as we know the latter can be "massaged" very easily to get the number you want...