February 22, 2019 / 3:05 PM / 9 months ago

BUZZ-Newmont cuts gains, Barrick holds losses on confirming M&A possibility

(Updates prices to open)

** Newmont Mining shares up ~3 pct at $36.47, easing from gains of ~4 pct premarket; Barrick Gold’s US-listed shares drop 2.6 pct, roughly same as premarket levels

** Barrick is considering a hostile bid for Newmont for about $19 bln in stock, Globe and Mail reported late Thursday

** Barrick’s TSX shares down 2.6 pct after miner confirms it has reviewed the possibility of an all-stock, nil-premium transaction, but had not yet taken a decision

** Barrick bought Randgold Resources for $6.1 bln last month and has said is open to more M&As

** Newmont market cap was $18.86 bln as of Thursday, after a four-day rally driven by its Q4 results and Canada clearance for $10 bln deal to buy Goldcorp

** Goldcorp shares slide ~4 pct

** Analysts’ median PT on NEM is $41, having risen 50 cents in past three months, Refinitiv data shows

** NEM extends YTD gains to ~5 pct, catching up the rise in the S&P/TSX global gold index; ABX extends YTD losses to over 7 pct (Reporting by Savio D’Souza)

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