Barrick is buying Randgold to create the world's top gold miner

The blockbuster deal was described as a merger but is effectively a takeover

The blockbuster deal was described as a merger but is effectively a takeover

Andy Lloyd, a spokesman for Barrick, and Kathy du Plessis from Randgold Resources declined to comment, said the newswire service.

However, they also announced the new company's shares would be traded in NY and Toronto, meaning Randgold's London listing on the FTSE 100 would be cancelled if the deal went ahead, as planned, early next year.

Both CEOs will continue to play a role in company. Closing is expected by the first quarter of 2019, Barrick said.

Shareholders will receive 6.1280 shares in the new group for each Randgold share they hold and together will own 33.4 per cent of the company.

Canada's Barrick Gold (TSX, NYSE:ABX), the world's largest bullion producer by value, is about to become even bigger as it has agreed to buy Randgold Resources (LON:RRS) in a $18.3 billion share deal.

Novak Djokovic drills ball at Roger Federer in Laver Cup doubles
Djokovic, the current Wimbledon and US Open Champion, then rubbed the waist of his partner as everyone was left smiling. Federer wasn't hurt by the shot and laughed it off, while Djokovic covered his face with his hands in embarrassment.

"Our overriding measure of success will be the returns we generate and not the number of ounces we produce, balancing boldness and prudence to deliver consistent and growing returns to our fellow owners", Thornton said.

John Thornton, Barrick's executive chairman will hold the same role at the merged group, while Randgold chief Mark Bristow will be president and CEO. The company shed non-core assets outright, or sold stakes to partners, to fix its balance sheet, after its debt peaked at $15.8 billion in 2013.

"Our industry has been criticised for its short-term focus, undisciplined growth and poor returns on invested capital".

Thornton will remain as executive chairman, directing strategy and Bristow will be president and chief executive of the merged company, running day-to-day operations.

Both Barrick and Randgold have lost about a third of their market capitalizations over the past year. This article is strictly for informational purposes only. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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