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Friday, March 19, 2010

Barrick Gold (NYSE:ABX) Prices African Barrick Spinoff

African Barrick IPO

Barrick Gold (NYSE:ABX) announced it will sell shares in African Barrick Gold spinoff for $8.70 each or 5.75 British pounds.

Barrick will sell approximately 101 million common shares in the offering, which at the above price will generate about $834 from the IPO.

They will retain a 75 percent stake in African Barrick Gold.

The reason for creating African Barrick was to get listed on the London Stock Exchange.

After the IPO Barricks will have a market capitalization of about $3.55 billion.

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