Jan. 30, 2020 - In our annual Tax Review and Outlook report, we look back at significant developments that shaped the Canadian and U.S. tax landscapes in 2019 and offer our predictions on what to expect in the year ahead. Key Canadian Developments in 2019 Proposed changes to the employee stock option rules...
Barrick Gold Acquires Acacia Mining
Davies acted as Canadian counsel in the acquisition by Barrick Gold Corporation (Barrick) of all of the outstanding shares of Acacia Mining plc (Acacia) not already owned by Barrick. The acquisition was completed by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (United Kingdom). The acquisition closed on September 17, 2019 and is valued at approximately US$428 million.
Barrick is the largest gold mining company in the world, operating mines and development projects in the United States, Canada, South America, Australia, and Africa. Acacia, spun off from Barrick in 2010, has been materially affected by ongoing disputes with the Government of Tanzania stemming from a ban on the export of mineral concentrates in 2017. Barrick has been in negotiations with the government in an effort to resolve the issues and get the export ban lifted.
Jan. 30, 2020 - Review of U.S. Tax Developments in 2019 In 2019, the U.S. tax world continued to be primarily concerned with developing guidance under the monumental Tax Cuts and Jobs Act (TCJA), which was enacted at the end of 2017. Major regulatory projects were proposed beginning in 2018,...