10:49:09 EDT Fri 29 Mar 2024
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Barrick Gold Corp
Symbol ABX
Shares Issued 1,751,981,799
Close 2019-03-26 C$ 19.42
Market Cap C$ 34,023,486,537
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Globe says sweetener may help Newmont with Goldcorp bid

2019-03-26 07:08 ET - In the News

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

The Globe and Mail reports in its Tuesday edition that Newmont Mining now plans to pay its shareholders a one-time dividend worth $470-million (U.S.). The Globe's Niall McGee and Rachelle Younglai write that the sweetener improves Newmont's chances of winning support from its shareholders, who are set to vote on its $10-billion (U.S.) bid for Goldcorp soon. If Newmont succeeds, it will bypass Barrick Gold and become the biggest gold company in the world by market value, production and reserves. In January, Newmont announced a friendly deal to buy Goldcorp in a mostly stock transaction, at a premium of 17 per cent. Some Newmont investors, however, argued the offer was too high considering Goldcorp's poor past performance. Last week, Paulson & Co., which owns a 2.7-per-cent interest in Newmont, threatened to vote against the deal unless Newmont improved the terms, especially in light of Newmont's recent joint venture agreement with Barrick Gold. Paulson argued the JV had materially increased the value of Newmont and as a result Goldcorp shareholders should receive less of its stock as part of the deal. Newmont is currently offering 0.328 of a share and two U.S. cents in cash for each Goldcorp share.

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