AngloGold, Centamin shareholders approve acquisition
The shareholders of gold miners AngloGold Ashanti and Centamin have approved the deal whereby AngloGold intends to acquire Centamin for $2.5-billion.
The majority shareholder approval follows a court-sanctioned scheme of arrangement between Centamin and scheme shareholders under the Jersey Companies Law.
Centamin shareholders will receive 0.06983 new AngloGold shares for each Centamin share held, as well as $0.125 in cash for each Centamin share they hold.
Following the conclusion of the acquisition, AngloGold’s shareholders will own about 83.6% of the group’s enlarged issued share capital, while Centamin’s shareholders will own 16.4%.
The deal still needs to be sanctioned by the Jersey Court during a scheme court hearing on November 20, following which the scheme is expected to become effective on November 22.
Prior to this, Centamin plans to suspend the trading of its shares on the LSE before ultimately delisting. Centamin has already received conditional approval from the TSX to delist its shares.
AngloGold expects the deal to be accretive to free cash flow per share in the first full year following the completion of the transaction.
Centamin’s flagship asset is the Sukari gold mine, in Egypt, which is also one of the world’s largest producing gold mines. Adding this mine’s 450 000 oz/y of output to AngloGold’s portfolio will boost the enlarged group’s yearly production to more than three-million ounces.
AngloGold is poised to become the fourth-largest gold mining company globally – by volume – after Newmont Corporation, Barrick Gold Corporation and Agnico Eagle.
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