PRECIOUS METALS

Stunning day one nod for Northern Star-Saracen

There is a natural inclination to think that in a nil premium scrip merger, one set of shareholders – usually the smaller of the two - is being done over.

Barry FitzGerald*
Raleigh Finlayson (left) and Stuart Tonkin at the Super Pit in Kalgoorlie, Western Australia

Raleigh Finlayson (left) and Stuart Tonkin at the Super Pit in Kalgoorlie, Western Australia

To placate the unhappy, the merging entities point to the re-rating to come from the marriage because of its "compelling" logic, and because it comes with a bagful of synergy benefits to be shared by all....

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