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Peter Munk, co-chairman of Barrick Gold during the annual meeting of the company in Toronto, April 24, 2013.
Peter Munk, co-chairman of Barrick Gold during the annual meeting of the company in Toronto, April 24, 2013.
(Fernando Morales/The Globe and Mail)

Barrick’s bought deal is still not sold

Almost three full business days after launching a massive $3-billion share sale for Barrick Gold Corp., the bankers for the company have yet to find buyers for all the stock.

The price of gold has not co-operated, remaining soft since Barrick unveiled the transaction last Thursday night. Barrick’s stock has stubbornly stayed below the offering price of $18.35 (U.S.), making it a tougher sell for the bankers, because anyone who wants stock can buy some cheaper on the open market.