‘No way’ to stop apmex from buying gold
Apmex has agreed to buy gold dealers Williams and Co. for $11 billion in a deal that will raise the company’s stake in precious metals.
The transaction, which has not yet been officially announced, will create the world’s largest gold market, with gold holdings of nearly $3 trillion.
The deal will also allow ApmEX to further diversify its gold holdings by acquiring other metals.
ApmEx has the right to purchase gold for about $3,000 per ounce, but its purchases have been mostly for a short time, with prices at more than $1,000 an ounce for the past several years.
Williams, which is based in Chicago, had previously been valued at $5.3 billion.
It had about $7 billion in cash at the end of March.
Williams and its other dealers will become the largest gold dealer in the United States.
The deal is subject to regulatory approval and a court order, and the purchase price could be as much as $15 billion.
Williams is based at 1 Millennium Plaza in Chicago.