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Gold/Mining/Energy : Barrick Gold (ABX)
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To: posthumousone who wrote (2617)5/10/2002 1:55:59 PM
From: goldsheet  Read Replies (1) of 3558
 
Going way back, Homestake may have originally paid too much for Argentina Gold (Barrick was the other bidder), but they worked on Veladero to more than double reserves. Barrick ended up buying Homestake for less per share than the cost of the shares Homestake originally issued to acquire Argentina Gold, so Barrick got a great deal.

In hindsight, Homestake really was in a very tough situation. They either had to acquire (Normandy being the logical choice) or get acquired (Barrick being the obvious choice) Remaining independent would not have worked, and I think HM shareholders made out well, since the stock doubled prior to the acquisition. Barrick has what it takes to develop Veladero - Pascua Lama, which I don't think HM would have been able to pull off alone.
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