Post by Catdaddy on Nov 21, 2007 9:04:19 GMT -5
Newmont Plans Billion-Dollar I.P.O. for Franco-Nevada
dealbook.blogs.nytimes.com/2007/11/21/newmont-plans-billion-dollar-ipo-for-franco-nevada/
November 21, 2007, 6:59 am Link to This
The biggest stock introduction on the Toronto Stock Exchange so far this year was given the green light Tuesday, setting the stage for the billion-dollar rebirth of Franco-Nevada, the Canadian gold and energy royalty company sold to Newmont Mining in 2002.
Executives at Newmont decided Tuesday morning in favor of a plan to bundle the resource royalty assets together in a company called Franco-Nevada and hold an initial public share offering on the Toronto excchange. The new company is expected to be valued at between 1.2 billion and 1.3 billion Canadian dollars ($1.22 billion to $1.32 billion), according to The Globe and Mail.
The offering, which comes amid a boom in metals prices and the loss of major Canadian mining names such as Alcan, Inco and Falconbridge, is expected to be priced within the next two weeks and begin trading in December.
Soaring commodities prices have caused a sharp rise in the shares of mining companies and created an atmosphere ripe for deals. Stock in the mining conglomerate BHP Billiton, for example, which has bid $140 billion for Rio Tinto, has more than doubled in value in the last year.
dealbook.blogs.nytimes.com/2007/11/21/newmont-plans-billion-dollar-ipo-for-franco-nevada/
November 21, 2007, 6:59 am Link to This
The biggest stock introduction on the Toronto Stock Exchange so far this year was given the green light Tuesday, setting the stage for the billion-dollar rebirth of Franco-Nevada, the Canadian gold and energy royalty company sold to Newmont Mining in 2002.
Executives at Newmont decided Tuesday morning in favor of a plan to bundle the resource royalty assets together in a company called Franco-Nevada and hold an initial public share offering on the Toronto excchange. The new company is expected to be valued at between 1.2 billion and 1.3 billion Canadian dollars ($1.22 billion to $1.32 billion), according to The Globe and Mail.
The offering, which comes amid a boom in metals prices and the loss of major Canadian mining names such as Alcan, Inco and Falconbridge, is expected to be priced within the next two weeks and begin trading in December.
Soaring commodities prices have caused a sharp rise in the shares of mining companies and created an atmosphere ripe for deals. Stock in the mining conglomerate BHP Billiton, for example, which has bid $140 billion for Rio Tinto, has more than doubled in value in the last year.
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