March 11, 2019 / 12:10 PM / a year ago

Barrick withdraws hostile bid for Newmont

March 11 (Reuters) - Barrick Gold Corp has withdrawn its proposal to buy Newmont Mining Corp, the companies said on Monday, ending a hostile takeover effort that sought to unite the world’s two biggest gold producers.

Barrick and Newmont have instead signed an agreement to create a joint venture for their mining operations in Nevada, the companies said.

Barrick last month proposed to buy Newmont for about $18 billion. (Reporting by Debroop Roy in Bengaluru; editing by Patrick Graham)

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