African Barrick Gold Plc (ABG.L,ABGLF.PK), a subsidiary of Canadian miner Barrick Gold Corp. (ABX.TO,ABX), on Tuesday said its Board of Directors has formed a Transaction Committee, made up of three independent non-executive directors. The committee include Michael Kenyon, Derek Pannell and David Hodgson.
This is regarding Barrick's announcement on August 16 that it was in preliminary discussions with China National Gold Group Corp. with respect to its 73.9 percent shareholding in African Barrick.
The company also has appointed J.P. Morgan Cazenove and RBC Capital Markets as financial advisers in order to ensure that African Barrick is appropriately prepared and that the interests of all shareholders are represented should this situation progress.
The company added that there can be no certainty that any offer for African Barrick will be forthcoming.
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