Randgold Resources and Barrick Gold have received unconditional clearance from the South African Competition Tribunal for their proposed share-for-share merger.
The merger remains subject to the satisfaction or (where applicable) waiver of the outstanding Conditions set out in Part A of Part 3 of the scheme document dated 4 October 2018 relating to the merger.
The key remaining Conditions to completing the Merger on the expected effective date of 1 January, 2019 are:
(i) obtaining approval of the shareholders of both companies; and
(ii) the sanction of the Scheme by the Royal Court of Jersey which is being sought at a hearing scheduled for 17 December 2018.
This follows two leading independent proxy advisory firms recommending that shareholders of Randgold Resources vote FOR shareholder resolutions in relation to the proposed merger with Barrick Gold.
This announcement was made by Randgold. The two advisory firms are Institutional Shareholder Services and Glass Lewis.
On 25 September the boards of Barrick Gold and Randgold Resources announced they had reached agreement on a share-for-share merger of Barrick and Randgold to create “an industry-leading gold company with the greatest concentration of tier one gold assets in the industry, the lowest total cash cost position among senior gold peers and a diversified asset portfolio positioned for growth in many of the world’s most prolific gold districts”.