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☆ Newmont Agrees to Acquire Australia’s Newcrest for $17.5 Billion
▼ + stars: | 2023-05-15 | by ( Rhiannon Hoyle | David Winning | ) www.wsj.com time to read: 1 min

Photo: Katie Klann for The Wall Street JournalSYDNEY— Newmont said it has agreed to acquire Australia’s Newcrest Mining for $17.5 billion, in what would be the largest-ever M&A deal in the gold-mining industry. Newmont is offering 0.400 of its own shares for each Newcrest share, and has allowed Newcrest to pay a special dividend of up to $1.10 a share around the time any deal completes. Those terms are in line with a revised offer pitched by Newmont roughly a month ago.

[1/2] A small toy figure and imitation gold are seen in front of the Newcrest logo in this illustration taken November 19, 2021. REUTERS/Dado Ruvic/IllustrationMay 15 (Reuters) - Australian gold miner Newcrest Mining Ltd said on Monday it would back Newmont Corp's (NEM.N) A$26.2 billion ($17.8 billion) takeover offer in one of the world's largest buyouts so far this year. Newcrest shareholders would receive 0.400 Newmont share for each share held, with an implied value of A$29.27 a share, higher than a previous exchange ratio of 0.380 that Newcrest's board rejected in February. "This transaction will combine two of the world's leading gold producers, bringing forward significant value to Newcrest shareholders through the recognition of our outstanding growth pipeline," said Newcrest Chairman Peter Tomsett. Newcrest shareholders will be able to choose to receive New York Stock Exchange-listed Newmont shares or Australian-listed CHESS Depository Instruments (CDIs) as payment.

☆ Cramer's Lightning Round: I am not a believer in Coinbase
▼ + stars: | 2023-05-15 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

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☆ Stocks making the biggest moves midday: Shake Shack, Charles Schwab, Activision Blizzard and more
▼ + stars: | 2023-05-15 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Oneok shares slid 7.7%. The IRS is due to release the report this week, the Wall Street Journal reported. Activision shares added 1%, while Microsoft was little changed. The Wall Street firm said shares trade at a significant discount to peers. The Coach and Kate Spade parent has a strong valuation and long-term investment case, the Wall Street firm said.

☆ Wood Group’s non-deal requires a rapid Plan B
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 15 (Reuters Breakingviews) - Ken Gilmartin needs a Plan B. The chief executive of $1.3 billion John Wood Group (WG.L) did little to encourage Apollo Global Management’s (APO.N) interest, despite the U.S. private equity house submitting no less than five separate bids for the UK infrastructure business. But now Apollo has ditched its most recent plan to buy Wood Group for 240 pence a share – and the target’s shares have slumped 35% back to 145 pence. Gilmartin and the Wood Group board reckon the company will be successful as a solo operation. But if investors were convinced, then Wood Group’s share price shouldn’t have plummeted back to around where it was when Apollo’s interest emerged in February.

☆ Newmont’s $19 bln gold deal lacks investor sparkle
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, May 15 (Reuters Breakingviews) - Newmont (NEM.N) boss Tom Palmer has finally dug out a deal with rival Newcrest Mining (NCM.AX). After months of discussions the two sides on Sunday agreed to an all-share transaction that values the Australian target’s enterprise at A$28.8 billion ($19.3 bln). The logic is that absorbing Newcrest will boost the Canadian buyer’s output of gold and copper. In return, the U.S. group is paying a punchy 27% premium to its prey’s stock price before their merger haggling went public. That implies an after-tax return on Newmont’s investment of around 7%, roughly in line with its cost of capital.

REUTERS/Dado Ruvic/IllustrationMay 15 (Reuters) - Australian gold miner Newcrest Mining Ltd said on Monday it would back Newmont Corp's (NEM.N) A$26.2 billion ($17.8 billion) takeover offer in one of the world's largest buyouts so far this year. If the deal gets Newcrest shareholders' approval and other regulatory approvals, it would lift Newmont's gold output to nearly double its nearest rival, Barrick Gold Corp (ABX.TO), further solidifying Newmont's position as the world's biggest gold producer. Newcrest shareholders will be able to choose to receive New York Stock Exchange-listed Newmont shares or Australian listed CHESS Depository Instruments (CDIs) as payment. Newcrest said it recommended its shareholders vote in favour of the deal at a meeting expected to be held in September or October. The deal requires Australia's Foreign Investment Review Board (FIRB) sign off as well as Newcrest and Newmont shareholders to vote in support the transaction among other regulatory approvals.

☆ The World’s Biggest Gold Miner Bets Big on Copper
▼ + stars: | 2023-05-14 | by ( Rhiannon Hoyle | David Winning | ) www.wsj.com time to read: 1 min

Colorado-based Newmont is the world’s top gold producer. Photo: Katie Klann for The Wall Street JournalSYDNEY— Newmont said it has agreed to acquire Australia’s Newcrest Mining for $17.5 billion, concluding weeks of talks over a sweetened offer by the U.S. company that wants to complete the largest-ever M&A deal in the gold-mining industry. Newmont’s pursuit of Newcrest illustrates how gold producers are seeking to make deals as the industry is struggling to make large discoveries of the precious metal. It also extends a battle for control among miners for commodities essential for making electric vehicles and renewable-energy infrastructure, as Newcrest’s gold mines also produce significant amounts of copper.

☆ Red metal rising: Argentina sets lofty sights on global copper top 10
▼ + stars: | 2023-05-08 | by ( Lucila Sigal | ) www.reuters.com time to read: +4 min

The South American country has a pipeline of copper projects that could produce 793,000 tonnes a year by the end of the decade, government forecasts show, well below neighboring No. Reuters GraphicsBRIDGING THE DEMAND GAPSan Juan is home to five of Argentina's eight main copper projects that have a total capex of $22 billion, a recent government report shows. Argentina has an estimated 65 million tonnes of copper reserves, according to a 2022 government report, some 3% of the global total. "The projects we have are of global importance and relevance because it's estimated that demand for copper between now and 2050 could be multiplied," he said. Copper demand is forecast to double to 50 million tonnes by 2050 from 2020 levels.

If the Fed opts to pause, Treasury yields are expected to decline. Stocks that could gain on falling interest rates Here are the top stocks that are poised to move higher if the Fed signals it will pause rate increases. The gold miner benefits from a rise in gold prices, and in general, gold tends to rise when interest rates fall. Meanwhile, genetics company Illumina should gain if interest rates fall, according to its correlation to the SHY ETF. Stocks poised to gain on rate increases However, if the Fed suggests rate hikes will continue, short-term Treasury yields will likely go up, benefiting these stocks.

☆ Morning Bid: Fresh spur from Meta and Europe's banks
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +5 min

Perhaps even more surprising, Europe's big banks are wowing the gallery too - showing limited, if any, fallout from the failure of ailing Credit Suisse at the end of the quarter. And so the glass appears half full again despite background tensions around regional U.S. banks and as wider markets brace for several weeks of a U.S. debt ceiling standoff. With Amazon reporting later, its stock rose another 2% ahead of the bell too. The U.S. House of Representatives on Wednesday narrowly passed a bill to raise the government's $31.4 trillion debt ceiling that includes sweeping spending cuts over the next decade. The dollar was marginally weaker, with crude oil prices struggling to recover from their latest lunge lower this week.

Some 78.9% of proxy votes on behalf of Oz Minerals' investors were in favour of the takeover offer of A$26.50 cash from BHP and a A$1.75 special dividend paid to Oz Minerals investors, at a shareholder meeting in Adelaide on Thursday. It will bring in Oz Minerals' Carapateena copper mine, close to BHP's own Olympic Dam copper mine and smelting operations in South Australia. Strategically it will also boost BHP's nickel supply through Oz Minerals' West Musgrave nickel project in Western Australia, where BHP is already producing nickel sulphate at its Nickel West operations. If the deal is approved as expected, Oz Minerals shares will be suspended on April 18. Oz Minerals' board had unanimously supported the bid.

☆ Morning Bid: Nervy markets wait on inflation report, Fed cues
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

Investors will parse through the commentary to better understand the Fed's thinking about the turmoil in the banking sector, which had stoked expectations that the Fed may need to cut rates. But economic data along with rhetoric from Fed speakers have led markets to price in a two-thirds chance of a 25bp hike in May and standing pat thereafter, according to CME FedWatch tool. The consumer price index is expected to show core inflation rose 0.4% on a monthly basis and 5.6% year-over-year in March, according to a Reuters poll of economists. Switzerland's upper house had approved the rescue earlier on Tuesday, meaning the two chambers of the legislative body will vote again on Wednesday. Reuters GraphicsReuters GraphicsKey developments that could influence markets on Wednesday:Economic events: Inflation reports from Serbia, Hungary; Bank of Canada rate decision; U.S. inflation report; Fed minutesSpeakers: BOE Governor Andrew Bailey, ECB's Luis De GuindosReporting by Ankur Banerjee in Singapore; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ Newmont plumps final bid for Australia's Newcrest to $19.5 bln
▼ + stars: | 2023-04-11 | by ( Melanie Burton | ) www.reuters.com time to read: +4 min

If successful, the deal would lift Newmont's gold output to nearly double its nearest rival Barrick Gold Corp (ABX.TO). Newcrest said on Tuesday it had given U.S.-based Newmont access to its books following the sweetened all-share bid that has received some support from shareholders. The latest bid is 16% higher than Newmont's initial proposal, and represents around a 46% premium to Newcrest's share price on Feb. 3 before Newmont's first bid was announced. Reuters had reported that Newmont was open to raising its offer price for Newcrest. Barrick and miner Sibanye Stillwater Ltd (SSWJ.J) have told Reuters they are not interested in bidding for Newcrest.

☆ Newmont Raises Bid for Australia’s Newcrest to $19.5 Billion
▼ + stars: | 2023-04-11 | by ( Rhiannon Hoyle | ) www.wsj.com time to read: 1 min

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☆ Asia stocks rise on hopes regional central banks hold steady on rates
▼ + stars: | 2023-04-11 | by ( Selena Li | ) www.reuters.com time to read: +2 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.6% as trading resumed after a long holiday weekend in many major Asian markets. On Tuesday morning, South Korea's central bank held interest rates steady for a second consecutive meeting, as expected. Hong Kong stocks were tech sector gains, with the benchmark Hang Seng (.HSI) climbing 0.9%. The dollar index edged down by 0.098% to 102.36, while the Japanese yen weakened 0.15% versus the dollar to 133.4. In oil markets, U.S. crude gained 0.6% to $80.19 per barrel while Brent was at $84.65, also up 0.6%.

☆ Gold miner’s mega $20 bln deal is not quite over
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

The boss of $40 billion U.S.-based gold miner Newmont (NEM.N) has sweetened his bid for Australian rival Newcrest (NCM.AX) after the latter rejected its two prior approaches. The latest $19.5 billion offer looks shinier but still faces some challenges. Under the revised proposal, Newcrest shareholders will receive 0.4 of a Newmont share for each one they hold, plus up to $1.10 via a franked special dividend. Newcrest shares closed nearly 10% below the offer price on Tuesday. Newcrest shareholders, who will own 31% of the merged company, also need to approve the deal.

☆ Stocks making the biggest moves premarket: Moderna, CarMax, Whirlpool and more
▼ + stars: | 2023-04-11 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

CarMax — Shares of the vehicle retailer soared 7% on the back of better-than-expected quarterly earnings. Upstart — Upstart fell about 2% after JPMorgan initiated coverage of the lending stock with an underweight rating, citing a worsening environment for loans. Whirlpool — Shares gained more than 2% after Goldman Sachs upgraded Whirlpool to buy from neutral. LendingClub — The lending platform gained 4.8% after JPMorgan initiated coverage of the stock as overweight. Array Technologies — Shares of the solar technology company gained 2% after Wolfe Research initiated coverage of Array with an outperform rating.

☆ Newmont sweetens bid for Australia's Newcrest to $19.5 bln
▼ + stars: | 2023-04-10 | by ( Melanie Burton | ) www.reuters.com time to read: +2 min

Newcrest said on Tuesday it had given U.S.-based Newmont access to its books following the sweetened all-share bid. "Newmont has indicated that the revised proposal represents its best and final price in the absence of a competing proposal," Newcrest said in a statement. The latest bid is 16% higher than Newmont's initial proposal, and represents a 46% premium to Newcrest's share price on Feb. 3 before Newmont's bid was announced. Reuters had reported that Newmont was open to raising its offer price for Newcrest. Rival miners Barrick and Sibanye Stillwater Ltd (SSWJ.J) have told Reuters they are not interested in bidding for Newcrest.

☆ Newmont plumps offer for Australia's Newcrest to $19.5 bln
▼ + stars: | 2023-04-10 | by ( Melanie Burton | ) www.reuters.com time to read: +3 min

Under the revised offer, Newcrest shareholders would receive 0.400 Newmont share for each share held, with an implied value of A$32.87 a share, up from a previous exchange ratio of 0.380 that Newcrest's board unanimously rejected in February. Newcrest shares rose by as much as 7% to A$30.28 but still traded below the implied offer price. The latest bid is 16% higher than Newmont's initial proposal, and represents a 46% premium to Newcrest's share price on Feb. 3 before Newmont's bid was announced, Newcrest said. Reuters had reported that Newmont was open to raising its offer price for Newcrest. The revised deal is just shy of Glencore's $22.5 billion takeover offer for Canada's Teck Resources Ltd's (TECKb.TO) that was announced earlier this month.

☆ Buy gold, sell this industrial stock: How these traders are preparing for a slowing economy
▼ + stars: | 2023-04-04 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Ritholtz Wealth Management CEO Josh Brown said that he bought gold mining stock Newmont to play the surge in gold prices as investors turned to bullion in the wake of the recent banking crisis. Brown called Newmont the "highest quality name" trading on the New York Stock Exchange. "You just get these moments where people lose confidence in fiat, in the banking system, et cetera, and for whatever reason, religion or otherwise, they reach for gold," Brown said Tuesday on CNBC's " Halftime Report ." NEM YTD mountain Newmont shares YTD Gold futures popped over the $2,000 threshold on Tuesday. DE YTD mountain Deere share YTD "There needs to be more planting regardless of what goes on in the economy, recession or not," Lebenthal said.

☆ Stocks making the biggest moves midday: General Motors, AMC, Virgin Orbit, Kinross Gold and more
▼ + stars: | 2023-04-04 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Virgin Orbit — Shares tanked more than 22% after the California-based satellite launch company filed for Chapter 11 bankruptcy protection. Virgin Orbit said it is looking to sell its assets and will lay off nearly all of its workforce. AMC's "APE" preferred shares gained 8.5% following the news. Etsy – Etsy shares gained 2.4% after Piper Sandler upgraded the e-commerce stock to overweight from neutral, saying that its marketplace strengths should help revamp active buyer growth. Gold miners — Shares of mining companies rallied as gold futures popped on Tuesday.

☆ Josh Brown buys Newmont: Technicals aligning with fundamentals for gold miners
▼ + stars: | 2023-04-04 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJosh Brown buys Newmont: Technicals aligning with fundamentals for gold minersJosh Brown, Stephanie Link, Jim Lebenthal join 'Halftime Report' to discuss standout technicals, today's JOLTS data, and strategies for navigating volatility.

☆ Gold Fields, AngloGold rule out merger after Ghana joint-venture deal
▼ + stars: | 2023-03-16 | by ( Nelson Banya | ) www.reuters.com time to read: +3 min

The South Africa-headquartered AngloGold and Gold Fields are among the five biggest gold producing companies by output in the world, with operations in Africa, Australia and South America. Gold Fields' Preece, who last month said the company was no longer pursuing big M&A deals after its failed bid for Canada's Yamana Gold (YRI.TO) said on the conference call "collaboration is easier". Gold Fields and AngloGold would own 60% and 30% of the joint operation, respectively, with the Ghanaian government holding 10%, Calderon said. "The proposed joint venture would create the largest gold mine in Africa and one of the largest in the world. Apart from Tarkwa, Gold Fields has two other mines in Ghana, Damang and the 45%-owned Asanko.

☆ Here are Tuesday's biggest analyst calls: Apple, Tesla, First Republic, Charles Schwab, Match & more
▼ + stars: | 2023-03-14 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Wells Fargo reiterates PNC as overweight Wells said PNC should benefit from a "flight to quality." Deutsche Bank reiterates Charles Schwab as buy Deutsche said liquidity risks for Charles Schwab are overblown. Wells Fargo reiterates Western Alliance Bancorp as overweight Wells said it's standing by shares of the regional bank. Wells Fargo reiterates American Express as overweight Wells said investors should buy the dip in American Express shares. Bank of America reiterates Amazon as buy Bank of America said it's standing by its buy rating on shares of Amazon.

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