Newmont Mining May Make Bid for Placer
By The Associated Press
Sunday, November 27, 2005
http://biz.yahoo.com/ap/051127/australia_canada_placer_dome.html?.v=5 [1]
MELBOURNE, Australia -- Newmont Mining Corp. President Pierre
Lassonde confirmed Sunday that the world's largest gold producer is
considering making a rival bid for Canadian takeover target Placer
Dome Inc.
Vancouver-based Placer last week said its board recommended to
shareholders that they reject a $9.2 billion takeover bid by Barrick
Gold Corp., calling the offer "inadequate" and "opportunistic."
While Lassonde said Denver-based Newmont is thinking about making a
bid for Placer, he added there was "good reason" to steer clear of
the deal.
"It would be fair to say that we have to at least think about it,"
he told Nine Network television.
One reason for caution he said was that Placer's suite of assets was
not totally complementary to those of Newmont, a gold mining giant
with assets in North and South America, Australia, and Indonesia.
Toronto-based Barrick last month offered to buy Placer for cash and
stock in a deal that would create the world's largest gold producer.
At the time, a Barrick spokesman called the bid a "friendly,
unsolicited offer."
But Placer's board advised shareholders to reject the offer, saying
its own gold production is expected to increase while Barrick's is
predicted to fall by 2010. It also said Barrick's offer doesn't
reflect an adequate premium for control of Placer and the
consideration offered represents a discount to the current trading
price of Placer's common shares.
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