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Strategies & Market Trends : The Ego Forum

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From: hubris33	7/14/2008 3:16:09 PM
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Barrick Gold offers $351M for Cadence Energy Monday July 14, 9:45 am ET Barrick Gold makes $351M offer for Cadence Energy, says buyout would act as fuel hedge NEW YORK (AP) -- Barrick Gold Corp. said Monday it has offered 354 million Canadian dollars ($350.9 million) to acquire oil and natural gas producer Cadence Energy Inc. The Toronto-based gold producer said the all-cash offer is valued at 6 Canadian dollars ($5.95) per share, a 10 percent premium over Cadence's June 11 closing price on the Toronto Stock Exchange of 5.44 Canadian dollars ($5.39). Barrick said the buyout would act as a "long-term economic hedge" of about one-quarter of its direct oil consumption and a "significant" portion of its direct natural gas consumption. The acquisition is expected to have break-even cash flow at oil prices less than one half the current market price, Barrick said. Cadence, which is based in Calgary, produces approximately 3,600 barrels of oil equivalent per day, more than 70 percent of which consists of light crude, Barrick said. A Cadence representative could not immediately be reached for comment early Monday. U.S.-traded shares of Barrick lost 22 cents at $48.99 in morning trading Monday. biz.yahoo.com

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