African Barrick prepares for potential offer from China Gold
FTSE 250 precious metals miner African Barrick Gold (ABG) has announced that it has formed a 'Transaction Committee' as it prepares for a potential offer from China's largest gold producer, China National Gold Group.
FTSE 250 precious metals miner African Barrick Gold (ABG) has announced that it has formed a 'Transaction Committee' as it prepares for a potential offer from China's largest gold producer, China National Gold Group.
As announced on August 16th, Barrick Gold, the US holding company of ABG, is in talks with China Gold about the possibility of selling its 73.9% stake in the London-listed miner.
The Transaction Committee is made up of three independent non-executive directors (Michael Kenyon, Derek Pannell and David Hodgson), meanwhile ABG has appointed JP Morgan Cazenove and RBC Capital Markets as financial advisers "in order to ensure that ABG is appropriately prepared and that the interests of all shareholders are represented should this situation progress," the company said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Should China Gold buy up more than 30% of the voting interest in ABG, it would then be required to make an offer for the whole of ABG's issued ordinary share capital, ABG said last month.
However, once again ABG assured investors that "there can be no certainty that any offer for ABG will be forthcoming."
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
Which investment trusts could benefit from lower interest rates?
As vehicles for long-term investments, many investment trusts were hit when interest rates rose in 2022. With interest rates expected to fall by the end of the year, could now be the time to invest in one of these unloved sectors?
-
How to protect your personal and financial data from cyber attacks
M&S and the Co-op are the latest retailers to suffer from cyber hacks but consumers also need to be vigilant