Acacia Mining has halted a £3 billion bid to acquire Endeavour Mining based in Canada.
Acacia Mining confirms that it has decided not to progress towards a combination of the two businesses.
Brad Gordon, Acacia Chief Executive Officer says they are focusing on creating value for their shareholders, has demonstrated by the successful and ongoing transformation of the business over the last three years.
“We believe we will continue to unlock significant value at our operations in Tanzania, which are the foundations of our business,” says Gordon.
Sébastien de Montessus, Endeavour President and CEO says their main focus was to create long-term value for our shareholders by advancing the strong organic growth opportunities within their portfolio.
“We will continue to maintain a disciplined approach to business development opportunities and only enter into transactions that we believe are aligned with our long-term strategic objectives and that create value for our shareholders,” says de Montessus.
The preliminary discussions with Endeavour Mining started in January this year, raising investor hopes of an African giant to rival London’s largest gold miner Randgold Resources.
The new company would have spanned Acacia’s assets in Tanzania and Endeavour’s mines in Côte d’Ivoire, Burkina Faso, Mali and Ghana.