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Barrick CEO Vows to Press On With Bid for Newmont After Rebuff

  • Newmont board unanimously rejects Barrick’s Feb. 25 proposal
  • Barrick’s Bristow says he will ‘definitely not’ withdraw bid
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Photographer: Carla Gottgens/Bloomberg

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Barrick Gold Corp. plans to proceed with a formal takeover offer for Newmont Mining Corp., undeterred by a rebuff from the target company.

Newmont’s board unanimously rejected Barrick’s $17.8 billion unsolicited proposal, saying it would not be better than Newmont’s previously announced takeover of Goldcorp Inc. Instead, Newmont submitted a joint venture proposal to Barrick that would encompass the two companies’ Nevada operations, saying it would pursue that as well as its Goldcorp takeover.