A couple of shareholders of Newmont Mining (NYSE) are reducing to minority status their combined holding in the Denver-based company.
General Oriental Investments and RIT Capital Partners Group (both part of the business empire of Sir James Goldsmith) recently issued a public offering of 9.65 million common shares (representing a 14% interest) of Newmont. General Oriental will sell 8.5 million shares and RIT will sell 1.6 million through a team of underwriters. General Oriental will retain 3.4 million shares (an approximate 4.9% interest) of Newmont. Goldsmith, in a press release, says he wants to remain a director of Newmont.
General Oriental will invest most of the proceeds in physical gold. Goldsmith gained control of Newmont in October, 1990, when General Oriental swung a deal with Hanson PLC to acquire 49.7% of Newmont. (Hanson acquired its control of Newmont a year earlier when it swallowed Consolidated Goldfields.) General Oriental announced, after its 1990 acquisition, that its ultimate intention was to reduce its holdings in Newmont as part of a plan to diversify its investments.
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