Barrick Gold says Newmont "not shareholder friendly"
TORONTO – Barrick Gold founder and outgoing chairperson Peter Munk criticised potential takeover target Newmont Mining in an interview with the National Post newspaper on Thursday, saying the US miner is "not shareholder-friendly."
Merger talks between the two gold miners broke down last Thursday, but there had been some discussions between their representatives since then, sources familiar with the matter said on Wednesday.
In particular, Munk criticized Newmont for shutting reporters out of its recent yearly meeting, something he said Barrick would not do.
"That's the cultural difference. That's the kind of people they are, and that's why it's so difficult to make a deal," he said, according to the National Post. "They are not shareholder-friendly."
Munk, who was set to step down at Barrick's April 30 annual meeting, also said he believed a merger with Newmont was "just a matter of time" because of the potential cost savings.
The latest round of talks marked the third time Barrick and Newmont had contemplated a deal in the last seven years. Analysts and others had long thought a tie-up makes sense from a cost-cutting perspective, particularly given that both companies had significant operations in Nevada.
A spokesman for Newmont could not immediately be reached for comment late on Thursday evening.
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