Newmont Mining Corp rejected rival Barrick Gold Corp's $18 billion buyout o...
- Newmont Mining Corp rejected rival Barrick Gold Corp’s $18 billion buyout offer on Monday but proposed a joint venture in Nevada instead, a deal worth billions that would create a major operator in the largest U.S. gold-producing region.
“Barrick’s egocentric proposal is designed to transfer value from Newmont’s shareholders to Barrick,” Newmont Chief Executive Gary Goldberg said on a Monday investor call. Barrick’s offer of 2.5694 of its common shares for each Newmont share was equivalent to about $33 per share, which represented a discount of about $3 to Newmont’s closing price on Feb. 25.Newmont on Monday reiterated its plans to go ahead with its deal to buy smaller rival Goldcorp Inc, which it said is significantly more accretive to its shareholders compared to Barrick’s proposal.
Bristow joined Barrick two months ago after it bought Africa-focused Randgold Resources. That deal set off a fresh wave of bids in the mining industry, including Newmont’s offer for smaller miner Goldcorp, which put the Colorado-based firm on track to become the world’s biggest gold producer, ahead of Barrick.Newmont has 19 mines and processing facilities in Nevada, which are adjacent to Barrick’s operations.
Neither side seems to agree on the full value of the assets, though. Newmont’s JV proposal uses publicly available materials to estimate value, as neither side has sat down to formally hash out how a JV could work.The new terms come after Bristow last week raised concerns about the complexity of any JV operations. The logic of combining the company’s Nevada assets seems clear to both sides, but the sticking point is control.
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