Allied Gold says $5.5-billion sale to China’s Zijin has collapsed

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeCommoditiesMiningAllied Gold says $5.5-billion sale to China’s Zijin has collapsedInstead Chinese company will invest $415 million in the Canadian minerAuthor of the article:Sybilla Gross, Manuel Baigorri and William ClowesLast updated 1 minute ago You can save this article by registering for free here. Or sign-in if you have an account.Allied Gold and China's Zijin Gold have terminated their takeover agreement. Photo by DAVID GRAY/AFP via Getty ImagesAllied Gold Corp. said its agreement to be acquired by Zijin Gold International Co. was terminated, and that the Chinese company will instead invest about $415 million in the Africa-focused gold miner.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe $5.5 billion takeover announced in January is being revised after the parties decided they would be unlikely to fulfil outstanding conditions — including approval from the Chinese government — by a July 29 deadline, Allied said in a Wednesday statement.Under the new transaction, Zijin agreed to take 12.8 million Allied common shares for $32.55 each, a 10 per cent premium to the Canadian company’s last closing price.Zijin Gold is a unit of China’s Zijin Mining Group Co., one of the world’s most acquisitive miners. The group has expanded aggressively through deals in China, Africa and Latin America to become a leading global producer of gold and copper. Toronto-based Allied operates gold mines in Mali, Ethiopia and the Ivory Coast.Back in January, Hong Kong-listed Zijin Gold offered $44 for each Allied share in its proposed takeover. That deal had already been approved by authorities in Canada and certain regulatory approvals in African host countries were obtained or were in advanced stages, the companies said in May.— With assistance from Simon Casey.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.