05:37:46 EDT Fri 29 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 to bag Newmont, Barrick will have to buck up

2019-02-26 09:13 ET - In the News

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

The Globe and Mail reports in its Tuesday edition that on Monday, John Thornton, Barrick's executive chairman, and chief executive officer Mark Bristow unveiled a no-premium, all-share offer for Colorado's Newmont Mining. The Globe's Eric Reguly writes that hostile offers generally come with juicy premiums or else they do not work, and this bid is already not working. Even before he learned the details of the "at market" offer, which valued Newmont at $17.8-billion (U.S.), Newmont CEO Gary Goldberg dismissed the takeover attempt as a non-starter. He is sticking with his plan to buy Vancouver's Goldcorp for $10-billion (U.S.). In a Bloomberg interview, Mr. Goldberg called Barrick's takeover idea "a desperate and bizarre attempt to muddle up our deal" with Goldcorp, all the more so since Newmont's investor returns in recent years have embarrassed those of Barrick. Since 2014, the year Mr. Thornton took the helm at Barrick, its shares are down 22 per cent. Newmont's shareholder returns, including reinvested dividends, are up 65 per cent over the same period. If Mr. Thornton and Mr. Bristow want to be kings of the gold world and bag one of the big hitters on the New York Stock Exchange, they will have to pay up.

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