Conflicting cultures and management styles are overshadowing Barrick Gold Corp&#...
- Conflicting cultures and management styles are overshadowing Barrick Gold Corp’s $18 billion bid for rival Newmont Mining Corp, becoming factors just as important to the deal’s success as whether or not the pair’s lucrative assets in Nevada and elsewhere fit well together.
“Newmont shareholders shouldn’t risk what they have and need for what they don’t have and don’t need,” Goldberg told Reuters on Friday. “If those fences and armed guards were removed, you’d have trucks from Barrick’s mine not drive hours to get to the crusher and roaster, but they would have to go two miles to Newmont’s,” said an person familiar with Barrick’s thinking.
Bristow, for his part, said in an interview earlier this week that Goldberg did not show up for recently planned meetings to discuss Nevada.Barrick, which two months ago closed a $6.1 billion buyout of Randgold Resources, has encouraged Newmont to ditch a previously announced $10 billion takeover of Canada’s Goldcorp Inc.
Some Newmont shareholders question Barrick’s claim that the deal will generate more than $7 billion in synergies. “Newmont is a company in need of a shakeup,” said John Ing of Maison Placements, which declined to say how many Barrick shares it holds.
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