Make Kitco Your Homepage

Barrick: Merger With Randgold Cleared To Close On Jan. 1

Kitco News

(Kitco News) - The last hurdle has been cleared for Barrick Gold Corp. (NYSE, TSX: ABX) to merge with Randgold Resources Ltd. (Nasdaq: GOLD) on Jan. 1, with the combined company to then trade under Randgold’s ticker symbol of GOLD on the New York Stock Exchange, officials said Wednesday.

Barrick said the Royal Court of Jersey has sanctioned the plan for the all-share merger of the two gold-mining companies. As a result, Barrick said, all conditions have now been satisfied or waived, and the merger is expected to close on Jan. 1 following delivery of a copy of the court order to the Jersey Registrar.

“Barrick will be the world’s biggest gold miner, but our focus will be on making it the industry’s most valued company,” said Mark Bristow, the chief executive officer of Randgold who will become president and CEO of the new Barrick company. “By finding, developing and operating the best assets, with the best people, we’ll deliver sustainable returns to our owners and partners.”

Barrick said it intends to change its ticker symbol on the New York Stock Exchange from ABX to GOLD beginning on the merged company’s first day of trading on Jan. 2. GOLD is currently the ticker symbol for Randgold American depositary shares traded on the NASDAQ exchange. Barrick will continue to trade on the Toronto Stock Exchange under the ticker symbol ABX following the completion of the merger.

The merger was first announced in September and shareholders of both companies have since approved the deal.

Barrick also announced that its board of directors declared a dividend for the fourth quarter of seven cents per share payable on Jan. 14 to shareholders of record at the close of business on Dec. 28. This will result in an annual dividend of 16 cents per share paid for 2018.

Following the completion of merger with Randgold, Barrick expects to pay a quarterly dividend of four cents per share, beginning with the dividend to be declared in April, the company said.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News