12:33:21 EDT Thu 28 Mar 2024
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Barrick Gold Corp
Symbol ABX
Shares Issued 1,751,516,088
Close 2019-02-25 C$ 16.60
Market Cap C$ 29,075,167,061
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Globe says Barrick, Newmont exchange verbal barbs

2019-02-26 08:50 ET - In the News

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

The Globe and Mail reports in its Tuesday edition that Barrick launched a hostile $17.8-billion takeover bid for Newmont Mining, sparking a war of words between the world's two biggest gold miners (all figures U.S.). The Globe's Niall McGee and Rachelle Younglai quote Barrick saying that its all-share, no-premium transaction is a "once in a lifetime" opportunity to create a gold titan. Barrick touted the present value of all future cost savings from the deal at $7-billion. Monday's trading indicates that many investors are less than impressed. Barrick is offering 2.5694 shares for each Newmont share, which works out to $32.40 for each Newmont share. Newmont closed at $36.10 in New York. "It's hard to support a deal where you would essentially tender your shares and have them be worth less than where they are trading today," said Gabelli analyst Chris Mancini. Newmont is doing a friendly transaction to buy Goldcorp for $10-billion. Barrick boss Mark Bristow extolled the virtues of a Barrick/Newmont tie-up, and criticized the Newmont/Goldcorp deal as "ill advised," and lacking substantial business synergies." Newmont slammed Barrick's "poor track record on delivering shareholder returns and unfavourable jurisdictional risk."

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