Aussie gold miner Ramelius to take over Spartan in $1.5 billion deal
Australia's Ramelius Resources will take over smaller peer Spartan Resources, valuing the miner at A$2.4 billion ($1.5 billion) on a debt-free basis, as rising bullion prices drive a wave of consolidation in the sector. Under the terms of the agreement, Ramelius, which already owns a 19.9% stake in Spartan, will acquire the remaining shares which would result in a A$4.2 billion gold-producing entity, the companies said on Monday. Ramelius is offering A$0.25 in cash and 0.6957 of its own shares for each Spartan share it does not already hold.