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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Acacia Mining Plc | LSE:ACA | London | Ordinary Share | GB00B61D2N63 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 234.00 | 234.60 | 235.40 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
By Maria Armental
Canadian miner Barrick Gold Corp. proposed buying the rest of Acacia Mining PLC it doesn't already own to help resolve a dispute with the Tanzanian government.
Acacia has been locked in a tax dispute in the East African nation, which canceled mining licenses for many companies, raised taxes and royalty payments and accused the Barrick subsidiary of underreporting gold and copper production.
"While a basis for a settlement has been developed but not finalized, in meetings this past weekend, the [Tanzanian government] stated that it is not prepared to enter into a settlement directly with Acacia," Barrick, which has been negotiating for Acacia, said Tuesday in a statement.
The London-listed miner, which was split from Barrick in 2010 and called African Barrick until 2014, has also been under investigation in the U.K. and Tanzania over accusations that some of its employees bribed Tanzanian government officials and consultants.
Barrick's proposal -- presented to Acacia on Tuesday -- would have Barrick acquire Acacia shares through a stock swap of 0.153 Barrick share for each share of Acacia it doesn't already own.
The exchange ratio, Barrick said, is based on the 20-day volume weighted average trading prices of Acacia and Barrick at market close in London and New York on May 20.
It implies a value for Acacia of $787 million and total consideration to Acacia's minority shareholders of $285 million, Barrick said.
The proposal could be adjusted if Acacia pays any further dividends, Barrick said.
According to U.K. takeover rules, Barrick must, by no later than 5 p.m. on June 18, either announce a firm intention to make an offer for Acacia or announce that it doesn't intend to make an offer.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
May 21, 2019 20:17 ET (00:17 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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