The two largest gold producers opt instead to forge a joint venture around their Nevada goldfields projects
The decision by Barrick to withdraw its bid comes after rhetoric escalated into an ugly brawl between the two gold giantsMark Bristow. Picture: BLOOMBERG/SIMON DAWSON
The change came weeks after Barrick proposed an offer that would have created the world’s largest gold producer. After Newmont’s board rejected Barrick’s bid to buy Newmont in an all-share deal, Newmont CEO Gary Goldberg proposed the joint venture as an alternative both companies could gain from. “This isn’t about personalities,.” Goldberg said in a telephone interview Monday. “This is about working together and delivering on behalf of,all of our stakeholders. So that’s it for the relationship talk.”
“We want these companies to really focus on realising these synergies,” said Simon Jaeger, a portfolio manager at Flossbach von Storch, one of the top five shareholders of both companies. “We weren’t focused too much on the format. We were not in favour of the merger or a big transaction or a JV per se.”
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