Newmont rejects Barrick’s hostile takeover bid, but says firms should partner in Nevada GlobeBusiness
Newmont Mining Corp has rejected Barrick Gold Corp’s US$17.8-billion hostile takeover offer and says shareholders should instead embrace its already announced plans to buy Goldcorp Inc. for US$10-billion.
One week ago, Barrick proposed acquiring Newmont for $17.8-billion which was about 8 per cent below its previous closing price. The Toronto-based miner claims that the combination of the two giants would generate at least US$750-million a year in synergies over the first five years. Barrick argued that the bulk of the projected synergies will be realized in Nevada where the two companies have adjacent mines.
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