Australian gold miner Newcrest Mining said on Monday it would back Newmont Corp's AUD26.2 bn takeover offer.
- 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.
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If the deal gets done t would lift Newmont's gold output to nearly double its nearest rival, Barrick Gold Corp.
Would further solidify Newmont's position as the world's biggest gold producer.
