09:47:33 EDT Thu 28 Mar 2024
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Barrick Gold Corp
Symbol ABX
Shares Issued 1,751,981,799
Close 2019-05-23 C$ 16.13
Market Cap C$ 28,259,466,418
Recent Sedar Documents

FP says Barrick offers to buy Acacia at hefty discount

2019-05-23 07:41 ET - In the News

The Financial Post reports in its Thursday edition that earlier this month, Barrick chief executive officer Mark Bristow had said his company would consider buying out minority shareholders in its embattled subsidiary, Acacia Mining PLC, but only at the right price. The Post's Gabriel Friedman writes that yesterday, the Toronto gold company made its price clear -- proposing a share swap at 0.1533 of a Barrick share for each Acacia share in an offer that values the smaller company at $787-million (U.S.). That is a 9-per-cent discount to the London-listed company's closing price on Tuesday, which comes on top of a 68-per-cent decline since 2017 amid a dispute with Tanzanian authorities. Acacia, which operates three mines in Tanzania, accounted for around 7 per cent of Barrick's 4.5 million ounces of gold production in 2018; and yet, Mr. Bristow told analysts this month, the company's problems have been a nagging frustration for Barrick. During a presentation in May, he laid blame for poor performance at Acacia at the doorstep of the company's management. Acacia declined to comment, but says it is excluded from the discussions Barrick is having with the Tanzanian government. It urged shareholders to "take no action."

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