Australia’s Ramelius ends buyout talks with Karora Resources

Shares of Ramelius rose as much as 2.2% to hit their highest level since June 16, 2021 by 0034 GMT, while the broader market was up 0.8%.

“Following its usual disciplined due diligence process, Ramelius advises that no final agreement, including on value, was reached,” the company said.

Earlier this month, Ramelius confirmed that it was in talks with Karora, but did not disclose any deal value.

However, a local report estimated the transaction value to be between A$700 million ($456.40 million) and A$1 billion.

Karora Resources, which is focussed on increasing gold production at its Beta Hunt gold mine and Higginsville gold operations in Western Australia, confirmed in a separate statement that it had ended discussions with Ramelius.

Karora said it was engaged in exclusive negotiations with a new third party regarding a potential merger.