{"id":128412,"date":"2019-07-23T11:00:06","date_gmt":"2019-07-23T11:00:06","guid":{"rendered":"https:\/\/www.bnreport.com\/odey-hedge-fund-backs-barrick-gold-takeover-of-acacia-mining\/"},"modified":"2019-07-23T11:00:06","modified_gmt":"2019-07-23T11:00:06","slug":"odey-hedge-fund-backs-barrick-gold-takeover-of-acacia-mining","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/odey-hedge-fund-backs-barrick-gold-takeover-of-acacia-mining\/","title":{"rendered":"Odey hedge fund backs Barrick Gold takeover of Acacia Mining"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.cityam.com\/wp-content\/uploads\/2019\/07\/GettyImages-916175106.jpg\"\/><\/p>\n<p>London-based hedge fund Odey Asset Management said today that it will accept Barrick Golds final offer to buy Acacia Mining after months of opposition to the deal.<\/p>\n<p><strong>Read more:<\/strong> <a href=\"https:\/\/www.cityam.com\/acacia-accept-increased-takeover-bid-from-barrick\/\" rel=\"noreferrer noopener\" target=\"_blank\">Acacia accept increased takeover bid from Barrick<\/a><\/p>\n<p>The news came three days after Canadian gold miner Barrick reached an agreement to buy the remaining shares in London-listed Tanzanian miner Acacia after it increased its offer.<\/p>\n<p>Odey, owned by pro-Brexit financier Crispin Odey, had attacked Barricks original price as too low. Fellow minority shareholders Legal &amp; General and Fidelity also criticised the offer.<\/p>\n<p>Despite Odey only owning 2.3 per cent of Acacia, the hedge funds opposition could have been enough to derail the deal completely.<\/p>\n<p>But Barrick has now cleared a major hurdle that could see it soon own Acacia entirely. Acacia was once a unit of Barrick, which currently holds 64 per cent of its stock.<\/p>\n<p>Barricks complete ownership of Acacia could put to an end a long-running tax dispute the latter has with Tanzania, where it runs three mines.<\/p>\n<p>The Tanzanian government accused Acacia of owing $190bn (\u00a3152m) in unpaid tax in July 2017, saying it had understated exports. It has since lowered the amount to $300m with other conditions attached.<\/p>\n<p>In May this year Tanzania said it would only work with Barrick Gold to resolve issues that had seen the country limit Acacias operations.<\/p>\n<p>In June, Barrick said as part of a wider statement that the relationship between Acacia<a href=\"https:\/\/www.cityam.com\/odey-hedge-fund-backs-barrick-gold-takeover-of-acacia-mining\/\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>Read More<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>London-based hedge fund Odey Asset Management said today tha..<\/p>\n","protected":false},"author":1,"featured_media":128413,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-128412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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