Centamin to be taken over by AngloGold Ashanti in £1.9bn deal

(Sharecast News) - Gold miner Centamin said on Tuesday that it had agreed to be taken over by AngloGold Ashanti in a £1.9bn deal. Under the terms of the transaction, Centamin shareholders will receive 0.06983 new AngloGold Ashanti shares and $0.125 in cash.

The price represents a premium of around 36.7% to the closing share price on Monday.

Centamin chief executive Martin Horgan said: "Centamin stewardship of the Sukari mine from discovery through development and into continual operation since 2009 is a demonstration of the world-class mining potential of Egypt.

"Completion of the reinvestment phase alongside consistent operational delivery underlines the Tier 1 status of Sukari as a safe, low-cost and large-scale gold producer. Sukari is strategically well placed within the emerging Arabian Nubian Shield.

"The transaction will allow our assets to grow as part of AngloGold Ashanti's larger, diversified portfolio, benefitting from AngloGold Ashanti's track record of responsibly developing and operating large-scale open pit and underground mines in Africa in close partnership with the host governments and communities."