The proposed merger between Africa-focused gold miner Randgold Resources and Canadian gold miner Barrick Gold has received unconditional clearance from the South African Competition Tribunal, Randgold announced late on Wednesday.
The transaction was approved without conditions, as recommended by the Competition Commission. Barrick plans to acquire Randgold in an $18.3-billion share deal. If the buyout is concluded, Randgold CEO Mark Bristow would take over as CEO of the enlarged Barrick, which would become the world’s largest gold miner.
The merger, which is expected to close on January 1, 2019, remains subject to the satisfaction or waiver of various conditions, including obtaining approval from the shareholders of both companies and the sanction of the scheme by the Royal Court of Jersey, which will be sought at a hearing scheduled for December 17, 2018.