Canada's Barrick Gold (TSX, NYSE:ABX), the world’s largest bullion producing by value, is about to become even bigger as it has agreed to buy Randgold Resources (LON:RRS) in a $18.3 billion share deal.
The new Barrick company, valued at $24 billion including debt, would be now the world's top gold miner by value and output in an industry under investor pressure to put capital to good use.
It will be listed in New York and Toronto and own five of the world's 10 lowest cost gold mines
Randgold’s shareholders will own 33.4 percent of the combined firm, with the rest controlled by Barrick’s investors.
More to come…
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