Endeavour hoping to strike gold with £1.5 billion bid for Centamin

Endeavour hoping to strike gold with £1.5 billion bid for Centamin

Endeavour Mining Corporation (Endeavour) is going for gold with an unsolicited all-share merger offer for FTSE 250 mining company Centamin plc.

The Toronto listed mining giant has been trying to engage in constructive discussions about a possible combination with Centamin since October 2018. However, Centamin has refused to engage fully in these discussions. After another proposed discussion between the boards was turned down in late November, Endeavour announced a possible offer proposing an exchange of 0.0846 Endeavour shares for each Centamin share. Endeavour has until 31 December to confirm whether it intends to make a firm offer.

Endeavour has argued that combining the firms would encourage diversification as the entities between them would have three flagship gold mines, allowing better management of the mines, improvement of operational efficiency, increased cash flow and strengthening of the balance sheet. The new entity would have the backing of La Mancha, an investment vehicle owned by the Egyptian Sawiri family which has invest

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