Shareholders in Newcrest Mining (NCM) will vote on Friday on whether to accept a A$26.2 billion ($16.81 billion) buyout bid from global mining giant Newmont Corporation NEM.N , which would make it Australia's largest corporate takeover this year.
Notification of the vote, to take place in Melbourne, was made in regulatory filings. On Wednesday, Newmont shareholders meeting in the U.S. voted more than 96% in favour of the world's largest gold producer buying its Australian rival.
The proposed deal is the third largest ever involving an Australian company, LSEG data showed, and one of the biggest global buyouts in 2023.
Newmont said in May that it would offer Newcrest shareholders receive 0.400 Newmont share for each share held. Newcrest shareholders had rejected in February an earlier offer to receive 0.38 Newmont shares..
Newmont is also allowing Newcrest to pay a franked special dividend of up to $1.10 per share on the implementation of the deal that returns tax credits to Australian shareholders.
Newcrest last week said Newmont had received all government regulatory approvals required for the deal to go through, including from Australian Foreign Investment Review Board and competition authorities in Australia, Canada and Papua New Guinea.
Mergers and acquisition activity in Australia has fallen 25.7% in the first three quarters of 2023 compared to the same time last year, according to LSEG data.
($1 = 1.5588 Australian dollars)
