As Northern Star Resources (ASX:NST) continues to advance its takeover play for De Grey Mining (ASX:DEG), American investment bank Goldman Sachs has taken a 5.23% stake in the gold miner.
Goldman Sachs is the second largest investment bank globally by revenue, which was about US$53.5 billion ($83.8 billion) in 2024 – ranking it 87th on the US Fortune 500 list.
The firm and its subsidiaries now own 125.4 million shares, which were last trading at $2.10 – valuing the investment at around $263.3 million.
Last week, De Grey announced the Federal Court of Australia made orders that the company convene a meeting of its shareholders to consider and vote on a resolution to approve the court-approved scheme of arrangement with Northern Star.
Late last year, Northern Star announced its plans to acquire De Grey via a $5 billion all-scrip takeover.
The offer is for 0.119 Northern Star shares for each De Grey share held, which equates to around $2.08 per share and a 37.1% premium to the closing price of De Grey shares on 29 November 2024.
Shareholders will vote on the tie-up on 16 April 2025.
Write to Angela East at Mining.com.au
Images: De Grey
