Newmont Lifts Bid for Australia’s Newcrest to $19.5 Billion

Newmont has raised its takeover offer for Australia’s Newcrest Mining to around $19.5 billion. It would be the largest-ever merger deal in the gold mining industry, highlighting the race to secure long-term supplies of the precious metal just as gold prices test all-time highs.

Newmont

(ticker: NEM) is now offering 0.400 of its own shares for each

Newcrest

(NCMGY) share, Newcrest said in a regulatory filing on Tuesday. In addition, Newcrest said the deal permits it to pay a special dividend of up to $1.10 a share at the time the merger is completed. Newmont made an offer worth around $17 billion for Newcrest in February . That deal was rejected by the Australian miner.