In a move to increase the company’s copper reserves, gold miner Barrick Gold Corporation has agreed to pay $7.8 billion to acquire international mining company Equinox Minerals Limited.
Barrick outbid Chinese rival Minmetals Resources to gain control of Equinox, offering shareholders $8.15 Canadian per each Equinox share, a 16 percent premium over Minmetals’ seven-dollar per share offer. Terms of the transaction give Barrick the opportunity to match any superior proposal Equinox may receive and stipulate a $263 million termination fee if Equinox accepts another offer. As part of the deal, Equinox has also withdrawn its $4.9 billion bid for Toronto-based Lundin Mining.
