Barrick Gold Corp. is one step closer to closing its biggest acquisition in seven years with shareholders voting overwhelmingly in favour of its $6-billion (U.S.) takeover of Randgold Resources Ltd.
On Monday, roughly 99 per cent of shareholders voted in favour of its zero-premium, all-stock purchase of Jersey-based Randgold, which operates in Africa.
Unlike Barrick’s $7.3-billion purchase of copper miner Equinox Minerals Ltd. in 2011, which was blamed for destroying billions in shareholder value, this deal has been warmly welcomed by shareholders on both sides since it was announced in late September.
Barrick and Randgold have one final hurdle to clear before the deal can close, with Randgold shareholders holding their vote on the transaction on Wednesday.
With the purchase of Randgold, Toronto-based Barrick is once again poised to become the undisputed heavyweight in the global gold industry in terms of market capitalization, production and reserves.
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