{"id":1138722,"date":"2019-09-17T09:08:35","date_gmt":"2019-09-17T14:08:35","guid":{"rendered":"https:\/\/www.mining.com\/?p=1002144"},"modified":"2019-09-17T09:08:35","modified_gmt":"2019-09-17T14:08:35","slug":"barrick-takes-acacia-mining-back-as-buyout-deal-sealed","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1138722","title":{"rendered":"Barrick takes Acacia Mining back as buyout deal sealed"},"content":{"rendered":"<p>Canada\u2019s Barrick Gold (TSX:ABX)(NYSE:GOLD) is <a href=\"https:\/\/barrick.q4cdn.com\/788666289\/files\/doc_news\/2019\/09\/17\/BG-Announcement-of-Scheme-effective-date-19-September-2019.pdf\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">acquiring all outstanding issued shares it doesn\u2019t already own in Acacia Mining<\/a> (LON:ACA), which gives the gold giant full control of the African miner.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The Tanzanian gold producer\u2019s shares were suspended from<br \/>\ntrading on the London Stock Exchange&#8217;s main market, before being cancelled on<br \/>\nThursday.<\/p>\n<p>The move follows <a href=\"https:\/\/www.mining.com\/barrick-receives-englands-ok-for-acacia-takeover\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Friday\u2019s approval of the takeover<\/a> by an UK court, which removed the last hurdle for Barrick\u2019s takeover of Acacia, which&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.mining.com\/african-barrick-is-history-changes-name-to-acacia-mining-31334\/\" >spun off from the gold giant in 2010<\/a>.<\/p>\n<p>Acacia directors Peter Geleta, Rachel English, Steve Lucas Deborah Gudgeon Alan Ashworth and Adrian Reynolds will resign from the board.<\/p>\n<p>Graham&nbsp;Shuttleworth&nbsp;and&nbsp;Martin&nbsp;Welsh&nbsp;have<br \/>\njoined the board as directors, Barrick said.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p><strong><em>THE ACQUISITION ENDS ACACIA\u2019S NEAR-DECADE PRESENCE ON THE LONDON STOCK EXCHANGE. SHARES WILL BE DELISTED WITH EFFECT FROM SEPT. 18<\/em><\/strong><\/p>\n<\/blockquote>\n<\/figure>\n<p>Barrick\u2019s original offer,&nbsp;<a href=\"https:\/\/www.mining.com\/acacia-blames-barrick-barring-tanzania-talks-study-takeover-bid\/\"  rel=\"noreferrer noopener\">submitted in May<\/a>, valued Acacia at only $787 million. In<br \/>\nJuly, the gold giant bowed to pressure from the African gold miner\u2019s<br \/>\nshareholders and submitted&nbsp;<a href=\"https:\/\/www.mining.com\/barrick-strikes-deal-with-acacia-after-sweetening-offer-takeover-imminent\/\"  rel=\"noreferrer noopener\">a sweetened $1.2 billion-offer<\/a>.<\/p>\n<p>Including the special dividends, which depend on asset<br \/>\nsales, the fresh offer represented a 60% premium to Acacia\u2019s share price at the<br \/>\ntime of&nbsp;the indicative takeover pitch.<\/p>\n<p>As Acacia\u2019s majority shareholder, with a 63.9% stake,<br \/>\nBarrick&nbsp;<a href=\"https:\/\/www.mining.com\/tanzania-focused-miners-face-fresh-challenges-as-country-passes-new-laws\/\"  rel=\"noreferrer noopener\">led discussions over alleged unpaid taxes<\/a>&nbsp;with the<br \/>\nTanzanian government, which has refused to deal directly with the local miner.<\/p>\n<p>The parties reached a&nbsp;<a href=\"https:\/\/mining.com\/barrick-tanzania-reach-proposal-settle-countrys-row-acacia\/\"  rel=\"noreferrer noopener\">framework deal in February<\/a>, which would see Acacia paying<br \/>\n$300 million to settle the tax claims and splitting returns from its operations<br \/>\n50\/50 with the country going forward.<\/p>\n<p>Acacia complained about being left out of the negotiations,<br \/>\nbut Barrick\u2019s chief executive, Mark Bristow, said it was the only way forward.<\/p>\n<p>\u201cIt\u2019s a tragedy,\u201d he&nbsp;<a href=\"https:\/\/www.mining.com\/barrick-gold-first-quarter-profit-misses-analysts-forecast\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">said&nbsp;in June<\/a>. \u201cWe\u2019re dealing with a complete breakdown of relationships.\u201d<\/p>\n<p>Acacia&nbsp;<a href=\"https:\/\/www.mining.com\/acacia-hit-by-fresh-roadblock-in-tanzania-just-days-before-barricks-bid-deadline\/\"  rel=\"noreferrer noopener\">was ordered in July to stop using the tailings storage dam<\/a>&nbsp;at<br \/>\nits North Mara mine due to seepage from the facility.<\/p>\n<p>Three of the company\u2019s employees remain in jail in Tanzania<br \/>\nawaiting charges for alleged corruption.<\/p>\n<p>Barrick, the world\u2019s No. 2 gold miner, is forging ahead with<br \/>\nplans to sell about $1.5 billion in assets by the end of 2020. At the same<br \/>\ntime, it\u2019s looking to buy more top-tier gold projects, in Canada and elsewhere,<br \/>\nand invest in copper assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Acquisition ends Acacia&rsquo;s near-decade presence on the London Stock Exchange. Shares will be delisted with effect from Sept. 18.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[2849,949,369,2640],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1138722"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1138722"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1138722\/revisions"}],"predecessor-version":[{"id":1138723,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1138722\/revisions\/1138723"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1138722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1138722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1138722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}