.jpg)
1 hour ago
4
Article content
Allied Gold Corp. said its agreement to be acquired by Zijin Gold International Co. was terminated, and that the Chinese company will instead invest about $415 million in the Africa-focused gold miner.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The $5.5 billion takeover announced in January is being revised after the parties decided they would be unlikely to fulfil outstanding conditions — including approval from the Chinese government — by a July 29 deadline, Allied said in a Wednesday statement.
Article content
Article content
Article content
Under the new transaction, Zijin agreed to take 12.8 million Allied common shares for $32.55 each, a 10 per cent premium to the Canadian company’s last closing price.
Article content
Zijin Gold is a unit of China’s Zijin Mining Group Co., one of the world’s most acquisitive miners. The group has expanded aggressively through deals in China, Africa and Latin America to become a leading global producer of gold and copper. Toronto-based Allied operates gold mines in Mali, Ethiopia and the Ivory Coast.
Article content
Back in January, Hong Kong-listed Zijin Gold offered $44 for each Allied share in its proposed takeover. That deal had already been approved by authorities in Canada and certain regulatory approvals in African host countries were obtained or were in advanced stages, the companies said in May.
Article content
— With assistance from Simon Casey.
Article content
Article content
Advertisement 1
English (US)