|Bid||178.60 x 0|
|Ask||178.80 x 0|
|Day's range||176.55 - 180.45|
|52-week range||88.28 - 192.90|
|Beta (5Y monthly)||0.60|
|PE ratio (TTM)||23.95|
|Earnings date||13 Jul 2020|
|Forward dividend & yield||0.10 (5.47%)|
|Ex-dividend date||21 May 2020|
|1y target est||1.68|
Shares in Centamin (LON:CEY) are currently trading close to a 52 week high, with the share price up by around 0.95% to 179.4 over the past week. On a one-month...
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West Africa-focused gold miner Endeavour Mining <EDV.TO> is not looking for other potential acquisitions after its failed offer for Centamin <CEY.L>, CEO Sebastien de Montessus said on Wednesday. Endeavour abandoned its 1.5 billion pound ($1.9 billion) pursuit of Centamin <CEY.L> in January, citing a lack of information on the company, while Centamin said the offer was too low. De Montessus said talks with Centamin had gone completely cold and the process was finished.
South African miner Gold Fields Ltd has hired investment bank RBC Capital Markets to explore the sale of a 30% stake in its gold project in northern Chile, two sources said. The gold sector has seen two multi-billion dollar takeovers over the last 18 months and bankers and investors say a buoyant gold market could drive further activity. Gold Fields received environmental approval for the construction of Salares Norte, a mine high in the Andes mountains, in December, and said it would decide whether to go ahead in the first half of 2020 as it needs $834 million in funds.
Endeavour Mining <EDV.TO> abandoned its 1.5 billion pound pursuit of gold miner Centamin <CEY.L> on Tuesday, citing a lack of information on its target while Centamin maintained the proposal was too low. London-listed Centamin, which operates one mine in Egypt, rebuffed Endeavour's all-stock takeover proposal in December, saying it did not offer enough value to Centamin shareholders. Since then, Britain's takeover panel allowed Endeavour, which owns four West African mines, more time to make a firm offer following an extended due diligence process when information would be shared.
Endeavour on Thursday said it had insufficient time before the current "put up or shut up" deadline of Dec. 31 to study Centamin's assets and urged the company to ask a British takeover panel for an extension to Jan. 31, 2020. Endeavour said it would only proceed if it can complete due diligence, including technical analysis and site visits. VanEck is the third- and second-biggest shareholder of Endeavour and Centamin, respectively, according to Refinitiv.
Endeavour said it had insufficient time before the current "put up or shut up" deadline of Dec. 31 to complete due diligence and asked Centamin to request the British takeover panel to extend the deadline to Jan. 31, 2020. Centamin said on Wednesday that Endeavour had indicated it would not provide the information the British company had requested unless it agrees to an extension of the deal deadline.
Under English takeover law, Canada's Endeavour has until the end of December to make a firm offer for Centamin's assets. Centamin, which called the Canadian miner's approach an "unsolicited offer", said both firms had agreed on "a reciprocal exchange of due diligence information" but Endeavour now said it would not provide information unless the deadline was extended. The London-listed miner said in a statement on the merger plans that it was "disappointed that despite its efforts at constructive engagement, Endeavour has repeatedly refused to engage in a proper manner".
Gold miners Endeavour <EDV.TO> and Centamin <CEY.L> have agreed to assess the feasibility of a merger, following a weekend meeting between top managers of the two companies, Endeavour said on Monday, driving Centamin's share price higher. Canada's Endeavour, whose business is focused on West Africa, is seeking to gain control of Centamin assets including the Sukari mine and Cleopatra project in Egypt, as well as exploration projects in West Africa. Centamin at the start of this month rejected a 1.47 billion pound ($1.89 billion) all-stock takeover proposal from Endeavour, saying it did not offer enough value to Centamin shareholders.
Endeavour Mining Corp's boss said on Thursday the Canadian firm was reaching out to Centamin Plc shareholders to back its $1.9 billion merger plan, days after the British gold miner's board rejected the all-stock proposal. The push is aimed at ratcheting up pressure on UK-based Centamin before a month-end deadline by which Endeavour must decide whether to pursue the deal or scrap it entirely. "Our friendly approach, confidential to the board, was refused despite the merit we see in this transaction," Endeavour Chief Executive Officer Sébastien de Montessus told Reuters on Thursday.
The push is aimed at ratcheting up pressure on UK-based Centamin before a month-end deadline by which Endeavour must decide whether to pursue the deal or scrap it entirely. "Our friendly approach, confidential to the board, was refused despite the merit we see in this transaction," Endeavour Chief Executive Officer Sébastien de Montessus told Reuters on Thursday. Centamin said earlier this week the takeover proposal did not offer any benefits for its shareholders.
** Rivulet Capital, a large investor in Instructure Inc said it will resist the U.S. educational software company's plan to sell itself to private equity firm Thoma Bravo for $2 billion, calling the deal too cheap and too hurried. ** Mexican broadcaster Grupo Televisa has won a federal injunction against Walt Disney Co's acquisition of Twenty-First Century Fox Inc's assets in Mexico, a Televisa representative said, a move that could at least temporarily stall the deal. ** Brazilian wireless carrier TIM Participações SA will consider acquiring the mobile unit of its struggling rival OI SA if it is put up for sale, Chief Executive Pietro Labriola said.
Egypt said on Wednesday it welcomed Endeavour Mining's <EDV.TO> bid to takeover Centamin Plc <CEY.L>, saying it would encourage foreign investment in the country's mining industry. Centamin rebuffed the 1.47 billion pound ($1.9 billion) all-stock takeover proposal on Tuesday, saying it did not offer enough value to Centamin shareholders. Centamin's assets include Egypt's Sukari mine and Cleopatra project, as well as exploration projects in West Africa.
Endeavour Mining's largest shareholder La Mancha Holdings said on Tuesday it supported Endeavour's $1.9 billion takeover proposal of Centamin and urged the boards to engage. "We believe in the strategic rationale for this proposal and are fully supportive," La Mancha's billionaire chairman Naguib Sawiris said in a statement, adding Endeavour could add value in Egypt, where Centamin's sole mine is located. Centamin earlier on Tuesday rejected the all-stock offer from the Toronto-listed Endeavour Mining, saying it did not offer enough value to Centamin shareholders.
The blue-chip index <.FTSE> slipped 1.8%, while the midcap FTSE 250 index's <.FTMC> fall was limited to 1% on the back of a 15% surge in miner Centamin <CEY.L> after Canada's Endeavour Mining <EDV.TO> revealed a $1.9 billion buyout proposal. In a broad sell-off, every sector in the main index recorded losses after Trump said an agreement with Beijing might have to wait until after the U.S. presidential election in November 2020. The mood had already started to sour this week as Washington's tariffs on steel and aluminium imports from key Latin American trading partners and Trump's threat to slap separate tariffs on France and the European Union rekindled fears of global trade tensions.
Gold miner Centamin Plc on Tuesday rejected a 1.47 billion pound ($1.9 billion) all-stock takeover proposal from Canada's Endeavour Mining, saying it did not offer enough value to Centamin shareholders. Endeavour announced its offer, a 13% premium to Centamin's last closing price, earlier in the day, seeking to gain control of Centamin assets that include the Sukari mine and Cleopatra project in Egypt and exploration projects in West Africa. The Toronto-listed firm, which owns four West African mines, said Centamin had rebuffed several attempts to engage in talks.
Endeavour announced its offer, a 13% premium to Centamin's last closing price, earlier in the day, seeking to gain control of Centamin assets that include the Sukari mine and Cleopatra project in Egypt and exploration projects in West Africa. The Toronto-listed firm, which owns four West African mines, said Centamin had rebuffed several attempts to engage in talks. "The terms of the proposal provide comparatively greater benefit to Endeavour's shareholders, do not adequately reflect the contribution that Centamin would make to the merged entity," Centamin said.