Gold firm Newcrest rejects $17B takeover

The board of Australian mining firm Newcrest “unanimously” rejected a $17 billion takeover bid from US rival Newmont on Thursday, saying it did not provide “sufficient value” for shareholders.

In a statement, the Melbourne-based firm indicated it remained open to a higher offer that “appropriately reflects the value of Newcrest”.

In a further sign that the deal is not completely dead, board members also agreed to open the firm’s books to Newmont, “subject to certain conditions including signing of an appropriate non-disclosure agreement”.

The deal had promised to be the gold sector’s largest-ever acquisition.

Newmont’s offer called for the merged firm to be 70 percent owned by the Denver, Colorado-based company and 30 percent owned by the Australian firm.

Newcrest operates mines in Australia, Canada and Papua New Guinea. (AFP)

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