Deals

Barrick Gold Makes Hostile $17.8 Billion Bid for Newmont Mining

Newmont’s CEO has blasted takeover move as ‘desperate’
Barrick bid implies it’s offering an 8% discount for Newmont

"Not sure what Barrick is trying to accomplish" with bid, says Newmont Mining CEO Gary Goldberg.(Source: Bloomberg)

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By Danielle Bochove and Ed Hammond

February 25, 2019 at 11:12 AM UTC

Updated on

February 25, 2019 at 6:40 PM UTC

This article is for subscribers only.

Barrick Gold Corp. is going hostile in its bid to acquire Newmont Mining Corp. and create the world’s largest gold producer, offering $17.8 billion for the company in an all-share deal. Shares of both companies fell.

The proposed purchase, which is a discount to Newmont’s closing price on Friday, raises the potential for a three-way fight between some of the world’s largest gold miners. Newmont said its board would review the deal but made clear its previously announced plan to take over Goldcorp Inc. offers better benefits.