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US: Barrick Gold makes hostile US$17.8B bid for Newmont Mining

 |  February 25, 2019

Barrick Gold on Monday announced an unsolicited plan to merge with Newmont Mining in an all-share transaction, reported the Financial Times.

Toronto-listed Barrick said a nil-premium merger would offer greater benefits to shareholders than Newmont’s planned $10bn acquisition of Canadian miner Goldcorp, which it attacked as “desperate and bizarre”. Newmont hit back, defending its GoldCorp deal and saying Barrick had an “ineffective operating mode” and a “poor track record” on delivering shareholder returns.

The US company said significant cost savings could be more effectively realised through a joint venture in Nevada, where both companies have significant gold deposits.

Full Content: Financial Times

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