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South African competition authorities consider proposed Barrick, Randgold merger

30th October 2018

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

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South Africa’s Competition Tribunal will, on Wednesday, consider the proposed merger between TSX- and NYSE-listed Barrick Gold and LSE-listed Randgold Resources.

The gold miners announced in September that Barrick plans to acquire Randgold in an $18.3-billion share deal. If the buyout is concluded, Randgold CEO Mark Bristow will take over as CEO of the enlarged Barrick, which will become the world’s largest gold miner.

Randgold CFO Graham Shuttleworth will also step in as Barrick’s CFO, while Barrick chairperson John Thornton will remain executive chairperson.

The proposed merger is subject to various conditions, including the approval of competition authorities in various jurisdictions.

South Africa’s Competition Commission, which evaluates large mergers prior to referring them to the tribunal for decision, has assessed the transaction and concluded that it was unlikely to raise competition concerns.

Accordingly, it has recommended that the tribunal approve the merger without conditions.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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