Barrick Gold reaches deal for Acacia Mining after raising offer for company

Companies in this story: (TSX:ABX)The Canadian Press TORONTO — Barrick Gold Corp. has reached a deal to buy the stake in Acacia Mining that it does not already own, after raising its offer for the African gold miner.Under the deal, Barrick will swap 0.168 of a Barrick share for each share of Acacia in a transaction that values the company at about $1.56 billion (951 million pounds).Acacia shareholders will also be entitled to receive special dividends related to Acacia exploration properties and deferred cash consideration dividends paid as a result of the sale of certain Acacia exploration properties.Barrick, which owns about a 63.9 per cent stake in Acacia, had previously offered 0.153 of a Barrick share for each Acacia share in May.Shares in Barrick shares have risen from about $16 at the end of May to $22.46 on the Toronto Stock Exchange on Thursday.The Toronto-based gold miner has been working to help settle a tax dispute between Acacia and the government in Tanzania. Earlier this week, Acacia said Tanzania ordered it to stop using a tailings storage facility at its North Mara mine due to seepage from the facility.

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