Canada鈥檚 Barrick Gold (TSX:ABX)(NYSE:GOLD) is (LON:ACA), which gives the gold giant full control of the African miner.
The Tanzanian gold producer鈥檚 shares were suspended from trading on the London Stock Exchange鈥檚 main market, before being cancelled on Thursday.
The move follows Friday鈥檚 approval of the takeover by an UK court, which removed the last hurdle for Barrick鈥檚 takeover of Acacia, which聽spun off from the gold giant in 2010.
Acacia directors Peter Geleta, Rachel English, Steve Lucas Deborah Gudgeon Alan Ashworth and Adrian Reynolds will resign from the board.
Graham聽Shuttleworth聽and聽Martin聽Welsh聽have joined the board as directors, Barrick said.
THE ACQUISITION ENDS ACACIA鈥橲 NEAR-DECADE PRESENCE ON THE LONDON STOCK EXCHANGE. SHARES WILL BE DELISTED WITH EFFECT FROM SEPT. 18
Barrick鈥檚 original offer,聽submitted in May, valued Acacia at only $787 million. In July, the gold giant bowed to pressure from the African gold miner鈥檚 shareholders and submitted聽a sweetened $1.2 billion-offer.
Including the special dividends, which depend on asset sales, the fresh offer represented a 60% premium to Acacia鈥檚 share price at the time of聽the indicative takeover pitch.
As Acacia鈥檚 majority shareholder, with a 63.9% stake, Barrick聽led discussions over alleged unpaid taxes聽with the Tanzanian government, which has refused to deal directly with the local miner.
The parties reached a聽, which would see Acacia paying $300 million to settle the tax claims and splitting returns from its operations 50/50 with the country going forward.
Acacia complained about being left out of the negotiations, but Barrick鈥檚 chief executive, Mark Bristow, said it was the only way forward.
鈥淚t鈥檚 a tragedy,鈥� he聽said聽in June. 鈥淲e鈥檙e dealing with a complete breakdown of relationships.鈥�
础肠补肠颈补听was ordered in July to stop using the tailings storage dam聽at its North Mara mine due to seepage from the facility.
Three of the company鈥檚 employees remain in jail in Tanzania awaiting charges for alleged corruption.
Barrick, the world鈥檚 No. 2 gold miner, is forging ahead with plans to sell about $1.5 billion in assets by the end of 2020. At the same time, it鈥檚 looking to buy more top-tier gold projects, in Canada and elsewhere, and invest in copper assets.