Executive Chairman Nearly Doubles Barrick Gold Holdings
(Kitco News) - John L. Thornton, the executive chairmanof Barrick Gold Corp. (NYSE, TSX:ABX), has nearly doubled his holdings in thecompany to 5 million shares, the company announced Monday.
Thornton has purchased 2,271,029additional common shares at an average price of $11.11 per share, Barrick said.
Barrick, a Canadian producer, plansto acquire Randgold Resources Ltd. (Nasdaq: GOLD) under an all-stock mergerannounced a week ago. The merger will create the largest gold-mining company inthe world, with market capitalization put at $18.3 billion.
Based onthe exchange ratio of 6.128 Barrick shares for each Randgold share under theagreement between the two companies, Randgold Chief Executive Officer MarkBristow's shares are expected to convert into 5,141,600 Barrick sharesfollowing the completion of the merger, Barrick said. The merger agreementcalls for Bristow to be president and CEO of Barrick.
By Allen Sykora
For Kitco News
Follow @AllenSykora
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