Allied, Zijin gets greenlight for C$5.5bn merger from Canadian, African authorities
TSX- and NYSE-listed Allied Gold Corporation has received approval under the Investment Canada Act to have Hong Kong-listed Zijin Gold International acquire all of Allied’s issued and outstanding share capital, which completes the approval process in Canada for the takeover.
The transaction also received merger clearance from the Regional Competition Authority of the Economic Community of West African States, as well as the Competition and Consumer Commission of the Common Market for Eastern and Southern Africa.
Other regulatory approvals in host countries in Africa have been sought by the parties and have either been obtained or are in advanced stages, while approval from regulatory authorities in China remain outstanding.
To facilitate completion of the transaction, Allied and Zijin have agreed to extend the “outside date” of the deal from May 29 to July 29.
Zijin’s offer of C$44 per Allied share values the deal at C$5.5-billion, which is an attractive all-cash offer for Allied shareholders.
Allied operates three producing assets and development projects in Côte d’Ivoire, Mali and Ethiopia.
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