Gold miners bury a good deal under two shiny ones gfhay johnsfoley
Newmont Mining on March 4 rejected Barrick Gold’s $18 billion unsolicited acquisition offer and instead proposed a joint venture in Nevada.
Newmont said its Canadian rival's all-stock offer was not in the best interest of its shareholders, and instead argued for its planned merger with Goldcorp, which it said could create $4.4 billion of value. Barrick says its proposed merger with Newmont, made public on Feb. 25, would create pre-tax benefits worth around $7 billion in present-value terms. It would leave Barrick shareholders with 56 percent of the merged company.
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