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Wednesday, Sep 4
Hedge fund calls for Barrick Gold breakup
- Hedge fund Two Fish Management's exposure to Barrick Gold (ABX) is relatively small but its bark is loud, as it again calls for a breakup of the company and says there's no need for ABX to own a worldwide conglomerate of gold mines.
- Since Two Fish first demanded changes at ABX, the miner has agreed to sell off its energy subsidiary in a series of deals worth $455M and three high-cost mines in South Africa for $300M.
- "This is the world's largest gold mining concern, and it doesn't have a geologist or an engineer on its board," Two Fish's Mike Morris says.