Evolution coughs up for Cowal as Independence agrees bid for Sirius, page-4

I agree $705m AUD for Cowal was overpaid by EVN, but necessary for the deal to go through, quite obvious possible bidders like Zijin and NST weren't able to offer that amount.

I'm sure EVN would have offered Barrick to take up some shares, but knowing Barrick wouldn't want scrip in EVN and they want the price in USD. Again EVN taking up foreign exchange risks.

Barrick did good in the sale and the money will be useful for them to repay down debt.

I think the IGO deal with SIR was a good one and surprised me by creating S2 Resources with the unwanted exploration assets. I agree with your statement that no one in this planet will come up with a full cash offer to beat this deal.