February 24, 2019 / 11:42 PM / 9 months ago

Newmont says Barrick intends to propose changes of Newmont by-laws

Feb 24 (Reuters) - Newmont Mining Corp said on Sunday that Barrick Gold Corp intends to propose lowering the ownership threshold needed to call a meeting of Newmont shareholders.

Newmont said it received notice of intent from a unit of Barrick for two shareholder proposals for consideration at Newmont’s next annual meeting of stockholders.

The proposals would be to lower the ownership threshold necessary to call shareholder meetings to 15 percent from the current 25 percent, and to repeal all bylaw amendments implemented since Oct. 24, Newmont said in a statement.

If successful, the proposals would make it easier for shareholders to call a vote to oust Newmont’s board, and come as further sign that Barrick could be moving ahead with preparations for a hostile bid for Newmont.

Barrick, already the world’s largest gold miner, said on Friday it considered making an all-stock bid for Newmont, a deal that would create a monolith in the global gold sector.

Last month, Newmont said it would buy smaller rival Goldcorp Inc, for $10 billion, creating the world’s biggest gold producer in the face of dwindling easy-to-find reserves of the precious metal.

In its announcement of Barrick’s proposals, Newmont said the Goldcorp deal represents the best opportunity to create value for its shareholders. (Reporting by Ismail Shakil in Bengaluru; editing by Jonathan Oatis)

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