Newmont Mining’s board of directors on Monday, March 4, rejected Barrick Gold’s US$17.8 billion hostile takeover bid. The offer would have created the world’s largest gold producer.
Newmont also stated its previously announced Goldcorp acquisition, in January, offered better benefits.
“The combination with Goldcorp is significantly more accretive to Newmont’s shareholders on all relevant metrics compared with Barrick’s proposal,” Newmont CEO Gary Goldberg said. A merger of Barrick and Newmont would create a gold-mining giant with annual production of more than 10 million ounces. However, Barrick has not offered a premium, telling shareholders they would benefit from the value created by merging the two companies
A deal will ultimately be decided by a small group of shareholders who own both companies. Newmont’s Mr Goldberg and Tom Palmer, who will take over from Mr Goldberg later this year, will meet shareholders this week, including BlackRock, the largest shareholder in Newmont.
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.
Featured News
Nvidia and Microsoft Sued for Allegedly Undercutting AI Technology Patent Prices
Sep 5, 2024 by
CPI
White & Case Strengthens Antitrust and M&A Practices with New Partner Additions
Sep 5, 2024 by
CPI
Federal Judge Dismisses Antitrust Lawyers’ Fee Demand Over JetBlue-Spirit Deal
Sep 5, 2024 by
CPI
Boston Landlords Named as US Sues RealPage Over Alleged Rent-Inflating Practices
Sep 5, 2024 by
CPI
Judge to Weigh Landmark NCAA Settlement Proposal in Antitrust Lawsuit
Sep 5, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Canada & Mexico
Sep 3, 2024 by
CPI
Competitive Convergence: Mexico’s 30-Year Quest for Antitrust Parity with its Northern Neighbor
Sep 3, 2024 by
CPI
Competition and Digital Markets in North America: A Comparative Study of Antitrust Investigations in Mexico and the United States
Sep 3, 2024 by
CPI
Recent Antitrust Development in Mexico: COFECE’s Preliminary Report on Amazon and Mercado Libre
Sep 3, 2024 by
CPI
The Cost of Making COFECE Disappear
Sep 3, 2024 by
CPI