Gold price tumbles on reports of de-escalating Middle East tensions
Gold plunged 3% after Axios reported that Israel and Lebanon have accepted the terms of a ceasefire agreement.
A new report by GlobalData shows the value of deals in the metals and mining sector jumped from last year, despite the number of agreements inked falling.
The independent analytics firm’s data shows overall deal value in Q1 2019 grew by 6.3% to $22.5B from $21.2B in the same period last year. Deal volume decreased by 8.7% from 358 in Q1 2018 to 327 deals in Q1 2019.
CIBC tops the list, with the Canadian bank advising on two deals worth $18.7B edging out M. Klein & Company. Cravath Swaine & Moore and Davies Ward Phillips & Vineberg shared first place among M&A legal advisers.
The four firms worked together, advising Barrick Gold (which last year bought Randgold Resources) on its attempted takeover of Newmont Mining launched in February.
The all-share mega-merger did not materialize, but the two gold miners did combine their operations in Nevada to create the world’s largest gold mining complex with annual production of more than 4m ounces. Newmont’s acquisition of Goldcorp closed in April.
