A PYMNTS Company

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

By  |  February 25, 2019
US: Barrick Gold makes hostile US$17.8B bid for Newmont Mining

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

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    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

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.