Westgold (ASX:WGX) has announced Canberra’s foreign investment regulators have OK’d its purchase of Canada’s Karora.
Now the last body to OK the deal will be Karora’s shareholders. Karora is a TSX-listed public company last fetching C$6.85/sh.
Boards of both companies have backed the deal, with Karora’s board framing the deal as solid.
“Accordingly, Westgold’s offer to acquire Karora pursuant to the Transaction is unanimously recommended by the Karora Board,” the company wrote on Thursday.
“All directors and senior officers of Karora entered into agreements with Westgold to vote in favour of the Transaction.”
The move comes as gold prices stay in record territory.
WGX last traded at $2.76/ea.