Centamin set to leave London stock market after takeover
- Centamin has agreed to a $2.5 billion takeover by AngloGold Ashanti.
- Shareholders will receive new AngloGold shares and cash as part of the deal.
- The acquisition signifies a trend of consolidation in the mining industry.
Centamin, a mining company, is poised to exit the London stock market following a takeover agreement with AngloGold Ashanti, an American competitor. The deal, valued at $2.5 billion, includes a combination of cash and shares, with AngloGold aiming to gain control over Egypt's largest goldmine. The offer values Centamin's shares at 163p each, which is a significant 36.7% premium compared to the closing price on the previous Monday. Under the terms of the agreement, Centamin shareholders will receive 0.06983 new shares of AngloGold for each Centamin share they hold, along with an additional cash payment of $0.125. This move has resulted in a notable increase in Centamin's share price, which rose by 22.9% to close at 147p, giving the company a market valuation of approximately £1.7 billion. AngloGold Ashanti, which is also listed in Johannesburg, is strategically expanding its portfolio by acquiring Centamin, thereby enhancing its presence in the gold mining sector. The acquisition reflects a broader trend of mining companies seeking to consolidate and strengthen their market positions through mergers and acquisitions. As Centamin prepares to leave the London stock market, this takeover marks a significant shift in the landscape of mining companies listed in the UK, highlighting the competitive nature of the global mining industry and the increasing influence of American firms in this sector.