Barrick Improves Outlook While Avoiding Hefty Price Tag by Acquiring Randgold With No Premium
On Sept. 24, Barrick Gold announced the acquisition of Randgold Resources in one of the most unique transactions in gold mining. The offer is all equity, with each Randgold share entitled to 6.128 new Barrick shares. The exchange rate is based purely on recent trading history and contains no premium for Randgold shareholders. Pro forma ownership in the combined company will see current Barrick shareholders owning roughly 66% of the company and current Randgold shareholders owning 33%--a split th...Barrick Gold is engaged in the production and sale of gold, as well as related activities such as exploration and mine development. Co. also produces copper and hold interests in oil and gas properties located in Canada. Co.'s mining operations are concentrated in three regional business units: North America, South America and Australia Pacific. Co. also hold a 73.9% equity interest in African Barrick Gold plc that owns gold mines and exploration properties in Africa. Co.'s copper business unit contains producing copper mines located in Chile and Zambia; and a mine under construction located in Saudi Arabia.
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