Canada's Barrick Gold has completed the acquisition of all outstanding shares of Acacia Mining that it does not yet own, giving the gold giant full control over the African gold miner.
Shares of the Tanzanian gold producer were suspended from trading on the main market of the London Stock Exchange and then canceled on Thursday.
This became possible following the approval of the deal by a British court on September 13, which removed the last obstacle to the acquisition of Acacia by Barrick, the former African subsidiary of the gold giant, which spun off from him in 2010.
Acacia's directors Peter Geleta, Rachel English, Steve Lucas Deborah Gajon Alan Ashworth and Adrian Reynolds will step down, while Graham Shuttleworth and Martin Welch will join the board, Barrick said.
Barrick's initial bid, presented in May, valued Acacia at just $ 787 million, but in July the gold giant bowed to pressure from shareholders in the African gold miner and sweetened the pill by offering $ 1.2 billion.
As the majority shareholder of Acacia with 63.9% of the shares, Barrick entered into a framework agreement with the Tanzanian government in February, according to which Acacia must pay US $ 300 million to settle tax claims and in the future distribute the proceeds from its activities with the state in a ratio of 50 /50.
Barrick, the world's second largest gold producer, plans to sell about $ 1.5 billion in assets by the end of 2020 and buy a number of top tier gold projects in Canada and other countries.
