News & Analysis » UK
African Barrick Gold: Takeover Premium Evaporates
African Barrick Gold (ABG) announced that "further to our announcement of 16 August 2012 confirming that Barrick Gold Corporation ("Barrick") had entered into discussions with China National Gold Group Corporation ("CNG") regarding a potential sale of its 73.9% stake in ABG, we have been informed by Barrick that it has now ended discussions with CNG. As a result, ABG is no longer in an offer period under the "Takeover Code".
This will be disappointing news for shareholders. We have now reverted to valuing the company at its net present value as calculated in United States dollars and dividing it by the sterling exchange rate. The model has been updated for the actual December quarter gold and copper prices. These underperformed our expectations which have had a small negative impact on our target price.
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