Barrick Gold, Newmont Mining merger talks end acrimoniously

|About: Newmont Mining Corporation ... (NEM)|By:, SA News Editor

Newmont Mining (NEM -6.3%) is blaming Barrick Gold (ABX -2.1%) for the collapse of merger talks between the two companies, with NEM Chairman Vincent Calarco saying ABX co-chair John Thornton told him twice last Thursday that the process was "dead."

The latest round of talks appears to have ended acrimoniously, with NEM saying in a letter to ABX that a constructive, respectful relationship did not exist between the two companies, and also did not like that ABX Chairman Peter Munk said in a newspaper interview that NEM was "extremely bureaucratic and not shareholder friendly."

Speculation about a possible hostile bid by ABX could heat up, but Munk has said he would be reluctant because of the potentially large premium he would have to pay.