Golden finger

19 June 2019 By Ed Cropley Follow @edwardcropley

Barrick CEO Mark Bristow won’t sweeten his offer to minority investors of the Tanzanian gold miner. A small raise could defuse the damaging stalemate. But after an expensive and failed tilt at Newmont, Bristow is under pressure to be seen to defend his shareholders’ interests.

This content is for Subscribers only

Context News

Barrick Gold believes its proposed all-share offer to take full control of Tanzania-focused Acacia Mining is “more than fair”, Chief Executive Mark Bristow said on June 18.

Barrick valued Acacia at $1.3 billion in its 2018 annual report but said it had concluded, based on a recent review of Acacia’s mine plans, that some production assumptions were overly optimistic. Its current offer, which expires on July 9, values Acacia’s equity at 719 million pounds, or $903 million.

Acacia said on June 19 it strongly disagreed with a number of Barrick statements and urged shareholders to take no action.

Acacia shares were up 1.3% at 175.5 pence by 0753 GMT, a shade lower than Barrick’s offer based on its June 18 closing price of C$19.26.

Email a friend

Please complete the form below.

Required fields *