Barrick Gold Corp on Monday pulled its $18 billion offer for Newmont Mining Corp...
- Barrick Gold Corp on Monday pulled its $18 billion offer for Newmont Mining Corp and agreed to form a joint venture in Nevada with its rival, ending a hostile takeover bid that sought to unite the world’s two largest gold producers.
The agreement comes amid a pickup in deals across the gold industry, which has struggled with a loss of investor confidence and financing constraints in recent years. The deal seems to wash away, for now, vestiges of a long-simmering feud between the companies. Bristow, on the same day Barrick launched its bid, called Newmont CEO Gary Goldberg a “loser” in a Reuters interview.
“Through this joint venture, the whole is going to be worth a lot more than the sum of its parts,” said Newmont Chief Operating Officer Tom Palmer, who will take over as CEO when Goldberg retires at the end of 2019.
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