Miner Barrick buys Randgold to create $18 billion gold giant

Canadian mining giant Barrick Gold has bought Africa-focused rival Randgold Resources to create a global industry champion worth $18.3 billion, the pair said on Monday. The blockbuster all-share deal was described as a merger but is effectively a takeover because Barrick investors will own a majority 66.6-percent stake. Randgold shareholders will hold the rest.
The enlarged company, keeping the Barrick name, will be traded in New York and Toronto. Randgold's London listing will be cancelled. Randgold shareholders will receive 6.1280 new Barrick shares for every Randgold share under the terms of the deal.