Newmont rejects Barrick's buyout offer, proposes Nevada JV
- Barrick Gold Corp Chief Executive Mark Bristow said on Monday he wants to speak immediately with Newmont Mining Corp about a proposed Nevada joint venture, even as his company moves to take a $18 billion takeover offer directly to Newmont shareholders.
Newmont’s JV proposal, unveiled Monday, seeks to combine adjacent mines and other facilities in Nevada. While the logic of integrating operations seems clear to both Barrick and Newmont, the sticking point has been control. Neither side seems to agree on the full value of the Nevada assets. 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.
“Shareholders will at least have an alternative to consider to the proposed Newmont-Goldcorp transaction,” Bristow said. “We need to make a formal alternative to the current agreement that’s in place.” Barrick’s offer of 2.5694 common shares for each Newmont share was equivalent to about $33 per share, which represented a discount of $3.48 to Newmont’s closing price on Feb. 22, the last trading day before the offer was announced.Bristow said in the interview that Newmont’s Australian assets likely would be sold to an Australian company should he prevail in his buyout and that he has already talked with several Australian miners.
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