What Happened
Australian Gold Miners Merge to Create Third Largest Producer
Regis Resources and Vault Minerals have agreed to combine, creating Australia’s third largest listed gold company, valued at an estimated $7.67 billion. The merger, unanimously endorsed by the directors of both companies, will see Regis acquire Vault, with Vault shareholders receiving 0.6947 shares in Regis for each Vault share they own. The deal is part of a larger trend of consolidation in the gold sector, as miners seek to attract investor attention and replace depleting reserves, according to The Wall Street Journal.