Newmont Rejects Barrick Bid

CBJ — The board of directors of Newmont Mining has unanimously rejected a hostile takeover offer from Barrick Gold. Instead of waiting for a better offer, Newmont went on the offenseive and made a proposal of its own.

Newmont is in the midst of acquiring Vancouver-based gold miner Goldcorp and is suggesting a joint venture with Barrick Gold in Nevada where the companies both have extensive operations.

Newmont is offering a partial merger, whereby both sides would work as partners but Barrick wants to control everything.

It’s expected Barrick will respond in short order to Newmont’s proposal.