Barrick drops $18-billion hostile bid, signs Nevada joint venture with Nemont Mining GlobeBusiness
Barrick Gold Corp and Newmont Mining Corp have agreed on terms of a joint venture in Nevada that will see Barrick drop its US$17.8-billion hostile bid for Newmont.
The ownership split under the terms of the JV announced on Monday will be 61.5 per cent in favour of Barrick, slightly less than the 63 per cent Barrick pushed for. Barrick has also been named the operator of the JV, which is something its chief executive Mark Bristow said was essential to ensure the success of the venture.Last week Joe Foster, portfolio manager with VanEck told The Globe and Mail a JV “creates the most value for shareholders.
On Monday, both companies said that the JV will generate an average of US$500-million in cost savings over the first five years.
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