13:39:32 EDT Tue 23 Apr 2024
Enter Symbol
or Name
USA
CA



Barrick Gold Corp
Symbol ABX
Shares Issued 1,751,516,088
Close 2019-02-22 C$ 17.13
Market Cap C$ 30,003,470,587
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Globe says Barrick presses Newmont amid hostile bid

2019-02-25 09:17 ET - In the News

Also In the News (C-G) Goldcorp Inc (2)

The Globe and Mail reports in its Monday edition that Barrick Gold is attempting to turn up the heat on Newmont Mining by forcing a change to its corporate bylaws as it weighs a hostile bid for the Colorado-based miner. The Globe's Niall McGee writes that Newmont said on Sunday that Barrick has indicated it will try to lower the ownership threshold that would allow a Newmont shareholder to call a special meeting. If the manoeuvre is successful, it could make it easier for Barrick to put forward a takeover offer for its American rival, then force a vote on it. Barrick has taken a small stake in Newmont that would give it the right to push for a resolution at Newmont's next annual general meeting, a Newmont spokesperson said Sunday. Currently, Newmont's bylaws stipulate that shareholders must own 25 per cent of the company in order to call a special meeting. Barrick is proposing cutting that threshold to 15 per cent. The developments could signal Barrick's intention to forge ahead with a plan to table a hostile takeover offer for Newmont. BlackRock, Vanguard and Van Eck Associates are the top three holders of Newmont's stock with a collective stake of just under 24 per cent, according to Thomson Reuters data.

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