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Barrick extends offer for Placer Dome

Last Updated: Friday, January 20, 2006 | 4:31 PM ET

CBC News

After snagging 81 per cent of the shares of Placer Dome Inc., Barrick Gold Corp. said Friday it is extending its takeover offer for its rival.

Barrick said it will extend its bid, which expired on Jan. 19, until Feb. 3.

Toronto-based Barrick (TSX:ABX) said if it is successful in acquiring 90 per cent of the shares of Placer Dome, it intends to acquire all remaining shares by compulsory acquisition.

Barrick's takeover offer for Vancouver-based Placer dome is worth about $10.4 billion US, or $22.50 US per share.

Barrick shares slipped 65 cents to end at $34.70 on the TSX>

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