Barrick Bids US$347.9mn For Cadence Energy

July 2008 | M&A News Alert

The world's largest gold producer Barrick Gold Corp on July 14 made an unsolicited offer to acquire oil and natural gas explorer Cadence Energy Ltd for about US$347.9 million as it looks to deal with swelling energy costs. The all-cash offer of CAD6.00 (US$5.95) per share, if successful, will provide Barrick with about 3,600 barrels of oil equivalent a day, and allow it to hedge about 25 percent of its oil use.

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