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.
Barrick already has the money, having sold the stock already to its banks. Royal Bank of Canada, Barclays and GMP Securities are leading the offering, and are working to resell about $660-million of stock apiece.