Egypt Competition Authority approves Anglogold's buyout of Centamin
The Egyptian Competition Authority has approved AngloGold Ashanti's proposed buyout of Centamin, which owns and operates the Sukari gold mine, in Egypt.
The two gold producers last month announced that AngloGold would acquire all shares in Centamin in exchange for 0.06983 of a new AngloGold share and $0.125 in cash for each Centamin share.
The offer implies that Centamin’s share capital is valued at about £1.9-billion, or $2.5-billion.
Following the acquisition, Centamin shareholders will hold 16.4% of AngloGold’s enlarged issued share capital.
The proposed transaction remains subject to other conditions precedent.
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