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  1. phil

    Peter Munk says Barrick, Newmont merger would benefit investors

    03:21 PM ET · ABX

    • Peter Munk, stepping down next week as chairman of Barrick Gold (ABX +1.7%), hails the potential benefits of a merger with Newmont Mining (NEM -0.4%), saying investors should welcome the cost cuts and lower political risk that a combination could deliver.
    • Munk tells FT there are “obviously synergies available” from a potential combination of ABX and NEM, pointing out that the two companies had many assets “cheek by jowl” in Nevada, the top U.S. gold producing state.
    • Such comments could be an indication the companies are keeping open the possibility of resuming high-level negotiations, although talks would be unlikely to happen before NEM’s annual general meeting Wednesday or ABX’s annual meeting next week.
    • Deutsche Bank analysts wonder if the merger report was “a trial balloon… a matter of posturing to allow market participants an opportunity to opine and stock prices time to reflect a merger scenario.”
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