Newmont rejects Barrick’s hostile takeover bid

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noneAs expected, Newmont’s board of directors rejected Barrick’s $18 billion hostile takeover bid Monday morning. The Newmont board also submitted a joint venture proposal to Barrick in which the two mining giants would jointly operate properties in Nevada.

The joint venture “would enable both companies’ shareholders to realize the available synergies while avoiding the significant risks and complexities associated with Barrick’s unsolicited proposal,” Newmont said in a statement.

Barrick could recraft its offer, but is unlikely to do until late this month when Newmont shareholders get closer to voting on a separate deal, Newmont’s proposed merger with Goldcorp, the Wall Street Journal reported Monday.

Elko Mayor Reese Keener told the Elko Daily Free Press last week that Barrick taking over Newmont would create “a single mining behemoth” posing a threat to wages and suppliers.

Hugh Jackson
Editor | Hugh Jackson has been writing about Nevada policy and politics for more than 20 years. He was editor of the Las Vegas Business Press, senior editor at the Las Vegas CityLife weekly newspaper, daily political commentator on the Las Vegas NBC affiliate, and wrote the then-groundbreaking Las Vegas Gleaner, which among other things was the only independent political blog from Nevada that was credentialed at the 2008 Democratic National Convention. He spent a few years as a senior energy and environmental policy analyst for Public Citizen, and has occasionally worked as a consultant on mining, taxation, education and other issues for Nevada labor and public interest organizations. His freelance work has been published in outlets ranging from the Guardian to Desert Companion to In These Times to the Oil & Gas Journal. For several years he also taught U.S. History courses at UNLV. Prior to moving to Las Vegas, he was a reporter and then assistant managing editor at the Casper Star-Tribune, Wyoming’s largest newspaper.

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