Canada’s Barrick Gold (TSX:ABX)(NYSE:GOLD), the world’s second-largest bullion producer, is going hostile in its bid to acquire Newmont Mining (NYSE:NEM) and create a mega-gold corporation with a $17.8 billion in an all-share offer.
The move increases the potential for a three-way fight among some of the world’s largest gold miners, and comes after Newmont’s chief executive, Gary Goldberg, qualified the approach as a “desperate” and “bizarre” move by Barrick.
If successful, the bid will create the world’s largest gold company with a value of around $42 billion at current market prices.
More to come…
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