To the surprise of the gold industry, Barrick Gold unveiled a hostile $18bn bid for closest rival Newmont, which would create the world’s largest gold producer. The approach comes just one month after the Toronto-based group acquired London-listed rival Randgold for $6bn. The largest active shareholder in both Barrick and Newmont, Flossbach von Storch, has voiced its support for the deal, if the merger was “seamless and not too hostile”.
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