Another Gold/Silver 'Top' Signpost? *PIC*

Please feel welcome to join in on these informative ongoing discussions about trading futures and commodities.

The Trading Forum is intended for the open discussion of commodities trading. The management of this Forum does not agree or disagree with the ideas exchanged, and does not exert editorial control over the message posted herein. Read and post at your own risk. The risk of loss in trading or commodities can be substantial. We discourage the use of this Forum to promote trading that is acknowledged to be risky. Please note: many links from the Forum lead to pages on other web sites. We cannot take responsibility for nor endorse the information presented on those sites.

Forum Policy

Return to Index

TFC Commodity Trading Forum

Barrick Gold to buy Equinox for C$7.3 billion

NEW YORK (MarketWatch) -- Canada's Barrick Gold Corp. (abx) (ca:abx) said Monday it plans to buy Equinox Minerals Ltd. (ca:eqn) for about C$7.3 billion ($7.67 billion) to expand its potential gold and copper reserves. The deal valued Equinox at C$8.15 a share, a 30% premium to the stock's Feb. 25 closing price, which was the last trading day before Equinox said it would make a takeover bid for Lundin Mining Corp., Barrick said. Equinox will withdraw its bid for Lundin. A closing date was not provided, but the deal is expected to immediately add to Barrick's earnings. Barrick said it has sufficient cash resources and committed financing to fund the acquisition. Financial advisers to Barrick were Morgan Stanley & Co. (ms) and RBC Capital Markets. CIBC World Markets Inc., Goldman Sachs & Co. (gs) and TD Securities Inc. acted as financial advisers to Equinox.

Forum Policy

Return to Index