Africa-focused gold producer Randgold Resources (LON:RSS) will cease trading on both the London Stock Exchange and NASDAQ at the end of the year, as its planned merger with Canada’s Barrick Gold Corp (TSE, NYSE:ABX) has been approved by the Royal Court of Jersey.
The $18.3 billion-deal creates a new company, to be listed in New York and Toronto, which will be the world's top gold miner by value and output, with a dominant position in Africa.
Randgold chief executive Mark Bristow, who is also the designated president and chief executive of Barrick, said the court's approval was the last major milestone towards completing the deal.
“By finding, developing and operating the best assets, with the best people, [the new Barrick] will deliver sustainable returns to our owners and partners,” he said in the statement.
Shareholders in both companies had voted in favour of the merger in November.
More to come…
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