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Barrick Gold Corp., Placer Dome Ratings Remain On CreditWatch On Acquisition Agreement Dec 05
Standard & Poors, Dec 2005
Abstract
TORONTO (Standard & Poor's) Dec. 23, 2005-Standard & Poor's Ratings Services today said its ratings on Barrick Gold Corp. remain on CreditWatch with negative implications and the ratings on Placer Dome Inc. remain on CreditWatch with positive implications after the companies announced that they had reached an agreement on a friendly transaction for Barrick to acquire Placer Dome. Barrick has increased the transaction value for Placer Dome to US$10.4 billion from US$9.2 billion, which will be funded with equity and up to US$1.344 billion of cash. 'Relative to the unsolicited bid, this friendly bid is credit neutral. First, most of the increased transaction value will be financed with equity. Second, the increased cash component will be more than offset by...
Companies mentioned in this report are: Barrick Gold Corp.,Placer Dome Inc.
Action: CreditWatch Update
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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