FP: Barrick banks not looking to cut price on $3B share offering

|About: Barrick Gold Corporation (ABX)|By:, SA News Editor

Bankers still have work to do to sell all of Barrick Gold's (ABX -0.9%) $3B equity offering, but insiders say there is no talk of re-pricing the deal.

The banks reportedly sold a large chunk of the 163.5M-share offering last Thursday night and Friday morning, but the gold price fell on Friday and ABX shares dropped well below the $18.35 offer price; a large short position also is working against the stock.

But insiders say they are optimistic the deal will sell this week; large funds are taking time to do their homework, and index funds that have to own ABX have not bought in yet, they say.