Barrick Gold Corp (C-ABX/ARU) Takeover?
Barrick had been snooping around the ARU office.
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Barrick Gold Corp (C-ABX) - In the News
Globe says Munk's grumble gets Barrick shares soaring
2007-05-03 08:28 ET - In the News
Shares issued 864,436,663
ABX Close 2007-05-02 C$ 32.71
The Globe and Mail reports in its Thursday edition even as Barrick Gold founder and chairman Peter Munk was complaining Wednesday that investors still are not giving the company enough respect, its shares staged their sharpest rally since December. The Globe's John Partridge writes responding to better-than-forecast first-quarter results, Barrick's shares climbed $1.56 to close at $32.71 on the Toronto Stock Exchange. The company also boosted its annual dividend to 30 U.S. cents from 22 U.S. cents. The stock took off as Mr. Munk was telling shareholders at the company's annual meeting the company was "frustrated" that the share price has not doubled or tripled along with its share profit and cash flow over the past five years. "Barrick is second to none in our industry, and still our share price does not move," he said. Mr. Munk said Barrick has alternatives to create better returns for its shareholders if the market continues to withhold the rewards of its dominant position in gold. Not only does the company have financial capability and creativity, he said, it also has "outstanding deposits and opportunities whether in zinc or platinum or silver, and we will use this to surface value."