Categories Earnings, Other Industries

Chinese giant Zijin Mining buys rest of Nevsun Resources

Chinese exploration giant Zijin Mining (Shanghai:601899) (Hong Kong:2899) on Friday announced that it would buy all issued and outstanding shares of Nevsun Resources (NSU) in what both companies term as a “compulsory acquisition.”

As per the terms of the deal, all remaining Nevsun shareholders would receive consideration of 6 Canadian dollars (CAD) per share.

Zijin Mining Announces Compulsory Acquisition of Remaining Nevsun Resources Shares
Zijin is among China’s largest gold producers — it owns nearly 20 gold mines. (Courtesy: Zijin Mining)

“In order to receive payment for their Nevsun Shares, Remaining Shareholders must submit the letter of transmittal circulated with the Notice of Compulsory Acquisition along with all certificate(s) and/or DRS Statement(s) representing their Nevsun Shares to Computershare Trust Company of Canada. The Offeror intends to pay the cash consideration for the remaining Nevsun Shares on or about March 12, 2019. Remaining Shareholders are requested to complete and return the letter of transmittal before March 12, 2019,” read a Nevsun letter to shareholders.

Nevsun shares are expected to be delisted from the Toronto Stock Exchange and the New York Stock Exchange on or about March 8, 2019.

We’re on Apple News! Follow us to receive the latest stock market, earnings, and financial news at your fingertips

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

One thought on “Chinese giant Zijin Mining buys rest of Nevsun Resources

Leave a Reply

Your email address will not be published. Required fields are marked *

Add Comment

Viewing Highlight