Northern Star Rejects Bid

PerthNorthern Star rejected an A$39bn bid from South Africa’s Gold Fields.

A foreign owner would take Australia’s best candidate for a global gold major.

Gold Fields points to an estimated $5bn of tax and cost synergies around Kalgoorlie, where both firms mine.

Northern Star says the bid undervalues its growth potential, and Morningstar puts 50% odds on a higher offer.

Suresh Vadnagra starts as chief executive Monday with the Gold Fields bid unresolved.

Sources: Financial Times News