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Monday, 16 January 2017

Endeavour Mining studies merger with Acacia Mining

M&A watch: Naguib likes mining now. The Naguib Sawiris-backed Endeavour Mining Corporation is studying a merger with Acacia Mining that would create a company with a combined market value of USD 3.8 bn, making up one of the largest precious metal-mining groups in Africa, Bloomberg reports. “Acacia confirms that it is in preliminary discussions regarding a possible combination with Endeavour … A further announcement will be made when appropriate,” the company said in the statement. The agreement could be structured as a reverse takeover, with Acacia acquiring Endeavour and the combined company keeping its London listing, the source added. Combined, the companies would be among the top five African gold miners by market value and ounces produced, according to data compiled by Bloomberg.

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