mark bristow told me he has spoken to most investors.erestingly, those of the same investors so it is going to come down to which of the deals these guys with black rock having a lot of the power are going to decide on and part of that is going to come down to personalities. gary goldberg is an understated guide. you can tell this has gotten under his skin. mark bristow, you could never accuse him of being understated. alix: some of the oddities of the deal, there could be $7 billion worth of synergies. on the flipside, there was no premium. how does that make sense? danielle: mark barrick is arguing synergies are the premium. they are sticking to the pretax prediction. has noldberg said he idea where they came up with that number. they are saying it has got to be lower. the president are for this premium deal started in september with john thorton's bid as executive chairman for randgold, which mark bristow used to run. that is a no premium deal that captured the market's attention and thorton and bristow were committed to that. they se

alix: mark bristow does not compare his words. who runs the operation?ow did the company's wind up working together going forward? danielle: barrick has the majority state and mark bristow will be running things. that being said, there are these three committees. barrick has an extra board member. there are these three advisory committees that will have equal numbers, so newmont still gets a voice. there is a lot at stake beyond the jv. both sides say they want to expand this maybe into exploration projects into other areas. they cannot go hostile, either side on the other 42 years -- for two years because they have a standstill agreement. that they could still go for a full merger if things were friendly. mark bristow said the only way there could be a merger in the next two years is if it were friendly. this is a test in the relationship. alix: thank you, great reporting. now to another part of our seachange series, we highlight the new emissions rules that can change the oil world. imo ruled in on the and how markets will react. >> it's not easy to ch

mark bristow, no one would accuse him of being understated. alix: he is definitely not subtle. nielle, some of the oddities of the deal, bristow said there could be $7 billion of synergies but they gave a really long timeframe. on the flipside, there was no premium. how does that make sense? danielle: barrick is arguing the synergies are the premium and they are sticking to the $7 billion pretax prediction. newmont -- gary goldberg says he has no idea where they came up with that number. they are saying obviously it has to be lower. the precedent or the idea for this no premium deal started in september with john thorton's bid for randgold. that was the no premium deal that kind of captured the market's attention and both thornton and bristow are committed to that. they see themselves as restoring value and are sticking to their guns. investors who don't like the deal are already saying they need to pay up. alix: both stocks, down when the rumor broke. great reporting, danielle bochove. thank you so much. let's get into the ring. industrial metals crushed it this year, their bes

no one disputes that that's mark bristow, president and ceo and not of rand gold anymore, but of barrickd stay with cramer >>> as this market turns treacherous, we keep seeing unsettling new patterns. company reports below the quarter but then the stock sells off immediately or briefly spikes up before giving back all of the gains and then some common denominator in the silt situations you have a large contingent of shareholders who are eager to ring the register how many times do i have to tell you a little teaching moments nobody ever got hurt taking a profit but this kind of action creates a cascade of selling they start to go south for no particular reason. they figure it's all over but the crying and they desperately rush for the exits. sell sell sell sell sell in order to get out before the fellow panic shareholders. they don't need to beat the bear out of the door, right they need to beat you. it's no longer fomo in this market it's fobs. fear of big sellers. who could run you over as they head for the exits sometimes though this kind of freakout can give you a fabulous buying opp

mark bristow tells me he has spoken to most of the top investors in barrick.mont told me the same. for the most part, they are the same investors, so which deal -- the guys with blackrock having a lot of the power -- will decide on an part of that will come down to personalities. they are really different teams. gary goldberg is a very understated guy. you can tell us got under his skin. mark, no one would accuse him of being understated. alix: danielle, some of the oddities of the deal, bristow said there could be $7 billion of synergies but they belong timeframe. there was no premium. how does that make sense? danielle: barrick is arguing the synergies are the premium and are sticking to the $7 billion pretax prediction. newmont, gary goldberg says he has no idea where they came up with that number. he says it has to be lower. the idea of this started with john thorton's bid. that was the no premium deal that kind of captured in the market's attention and both thorton and bristow are committed to that. he says it has to be lower. they see themselves as resto

mark bristow tells me he has spoken to most of the top investors in barrick.ewmont says they have also spoken to most of their large investors. interestingly for the most part, , they are the same investors, so it will come down to which of the deals these guys with blackrock having a lot of the power, are going to decide on, and part of that will come down to personalities. they are really different teams. gary goldberg is a very understated guy. you can tell this has gotten under his skin. mark, no one would accuse him of being understated. alix: he is deathly not subtle. -- he is definitely not subtle. danielle, some of the oddities of the deal, bristow said there could be $7 billion of synergies but they gave a really long timeframe. the flipside was there was no premium. how does that make sense? danielle: barrick is arguing the synergies are the premium and they are sticking to the $7 billion pretax prediction. newmont -- gary goldberg says he has no idea where they came up with that number. they are saying obviously it has to be lower. the precedent for

but we'll see. >> all right look, i like gold, sam zell likes gold mark bristow is creating an etf ford companies. i think it is very exciting for people who want to get on board with gold, like it a lot >> in the realm of another produce, exxon talks to the ft and says they see capex going up 30% between 2018 and 2020 as they try to ramp up production in the permian got other stuff in ghana, a big capex story. >> look, slumberge, i couldn't have been more wrong, capex has been so -- so depressing core lapse, same thing if you believe exxon and the guyana, if you believe them, you see by the company, i think exxon is reliable, but i think it could be an outlier there is no spending going on that i can see that is above what it was the previous year. even though paul kipsguard, the ceo, was saying things have bottomed i bought on to that. now i'm at the bottom of a big oil rig wearing cement glosses >> transports down, longest losing streak in eight years. >> now even talking about precision railroading anymore. i think that freight is still an issue in a lot of the economy. the rising

you just spoke to ceo mark bristow what was his response?says it is progress and that newmont will give barrick 55% of the joint venture in nevada. the two sides have tried in the past to come to an agreement, and it has been along 50-50 lines. he sees that as progress. what he does not like is the proposal for a joint governance strategy. >> you proposed a 45-55 split and a 50-50 split in operations. >> the 45-50 five was based on consensus and av numbers. there are things that do not make sense and they are, and we need to work through and we are more than happy to work through them. in terms of how it gets managed. we would both appoint key operating people. at the end of the day, the voting on how things operate is the person who ends up owning the majority economic interest, in this case barrick. ,>> deutsche bank employees learned of their bonuses and learned of deep cuts. >> it looks like people are still getting a little bit of money. deutsche bank is still paying out 2 billion, which is not much. we heard already in january that the

mark bristow said the situation was very static and the win i spoke to him this morning he said when own play for corp it really unlocked things and allowed barrick to come in and make its own play, arguing that it was a better deal, and then in turn newmont countered with this jv, which is where they settled. ♪ >> nvidia agrees to buy melon ox to help push into the growing market for data center components. and it was good news all around as shares from both companies got a significant boost. this is nvidia's biggest purchase ever. why is it choosing to make this transformative deal now? what's the logic? >> what they are saying is that the data centers of the future are factories full of computers used by amazon, used by google, will be really designed in a different way in the future. and really all of the computers that are crammed into the place, they will all have to be linked together and architected. that is where the technology comes in. they make the interfaces that channel and a speed in the data between all those components and make everything work together. ♪ >> tesla re

the ceo mark bristow says barrick is "definitely not withdrawing its hostile bid."said they will take the offer to newmont shareholders. a profitable job of overseeing this stock in the hours after it becomes public. it is a popular job for banks because it comes with the potential of more commissions on trades. representatives of both companies design -- declined to comment. that is your bloomberg business flash. manus: to brexit. until theresaeek may has the vote in the house of commons. she has dispatched two ministers to brussels, seeking legally binding changes to the so-called irish backstop as she looks to win over enough pro braves it lawmakers in her own party. sarah is the chief economist for the americas and europe at standard chartered. i look here at our story this morning. we are going back to 1969, which is to do with northern ireland, trying to look at an agreement. you seem a bit skeptical that she's going to get anything .nough to satisfy the eu have we been too bullish on the prospect of a deal? think it is going to be tough to get the sort of con

alix: do you think mark bristow and baruch would be -- and barrick would be interested in nevada?agreement goes back, especially what he harped on in the analyst call was that they tried and it fell through the cracks. perhaps now that both companies have a little bit of skin in the game and want to move things forward, perhaps things are different. gary goldberg stepping down. people have made changes. maybe we can move forward in a different direction. alix: andrew cosgrove of bloomberg intelligence. both stocks down on the news. david: that is interesting. alix: if the $7 billion over time is real, you want that. the question is how you get it. that wraps it up for bloomberg daybreak america. this is bloomberg. ♪ comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing down network problems. to knowing when and where there's an issue. beyond network complexity. to a zero-touch, one-box world. optimizing performance and budget. beyond having questions. to getting answers. "activecore, how's my network?" "all sites are green." all of which h

we've got mark bristow who called me a sissy for not wanting to mine in africa. i why to i'll do that, too. >> fun hour. >> we missed something >> "mad money" at 6:00 p.m. tonight. s&p is down almost 24 points and the dow down 230 ♪ ♪ save like a hero with synchrony bank, and catch marvel studio's captain marvel in theaters march 8th. ♪ >> good thursday morning welcome back toes on the street. i'm carl quintanilla with sara eisen. faber is on assignment we're bouncing a touch here. down down 223 and s&p down 21 as the ecb goes dovish and cuts a bunch of forecasts >> our road map starts right there. draghi speaks. investors listen stocks extending their losses as ecb president slashes growth forecasts. >> and the canopy growth's ceo. >> and we'll speak about why martha stewart is partnering with his company >> so stocks and the euro are seeking this morning ecb president mario draghi is cutting growth forecasts, announcing more loans for banks. other steve liesman is here with all the implications from around the world. >> good morning, the u.s. central bank, a su

they're very much focused on the synergies, they believe they can deliver under the management of mark bristow by merging the two companies' operations in nevada. they believe there is an enormous amount to save as much as getting to a billion dollars a year he's going to join jim, i guess tonight, right, jim? >> yeah. >> i mean, goldberg saying, listen, the goldcorp transaction is better way to go. offers up the olive branch of a joint venture in nevada, save money as a result of that. why isn't that enough? this is going to have to move to another phase here but to a point that was being made yesterday, by my guest jim woolery, there aren't that many large shareholders here. on the vote, on what happens in terms of these deals, and so that's really the audience that is key for both bristow and goldberg to opine to >> yeah. well, as someone who has 400 olive trees in tuscany, i can tell you that you get a freeze, they all die and there is no one more frosty right now than bristow he is coming in with a fight, the guy is just -- he won't be denied bristow will not be denied >> okay. if you say

come on, really you're going to make us an offer that is below the market price and right now mark bristowent team at barrick don't seem to be budging and they're just saying, your proposal would deliver less to our holders than our current deal to acquire goldcorp they're trying to sort of put out this idea, we can just go with jv, put a jv together with our nevada properties and that will be fine we'll see how this develops, jim. but did want to report that newmont sport unanimously determined that the unsolicited bid from barrick is not in newmont shareholders' best interests. >> it will be the shareholders who decide >> i like the idea that what bristow is doing is he's getting away from the volatile government situation he had a situation where suddenly congolese government is saying, you're not paying us enough, the big wrap against randgold was that he only worked in the situations in the countries where gold was easily accessible, but the governments were unstable. so you get this mixture and you get a higher price earnings multiple most gold stocks don't trade on that bristol beli

mark bristow and gary goldberg, both ceos, had a meeting last night.ks here. just slight movements. but in terms of the price of gold, we're seeing it higher by just a quarter of a percent. this on the back of the adp number released. the precious metal has dipped after a strong end to 2018 a good start to this year. we saw a peak this year in the second week of february. our guest host this morning sam zell, in a january interview he said he bought gold for the first time in his life you've been on this planet for awhile, so what prompted you to buy gold finally >> well, first of all, as you know there's almost a mini industry of gold bugs. i am for sure not one of them. when i went to the university of michigan and i took ckocon -- e 101, the professor had written on the wall supply and demand. well, my attitude about gold is no more complex than supply and demand capital expenditures in gold mining worldwide are near their lowest ever. and yet the ongoing demand for gold whether it be for security or jewelry or electronics continues forward. and the

. >> it seems like barrick may be having a change of heart about that venture because the ceo mark bristowlk about a jv still wants to do a deal but in both companies' presentations, the shareholders seem to be getting a little bit testy. i asked if this was personal in any way with barrick's ceo. >> at the end of the day, we had been in e-mail communication until up to he took the barrick job on january 1st up to the end of january went quiet then until i saw him at the conference last week. i shook his hand as he was coming on stage and said we need to talk. and he's reached out and would like to start a discussion. >> >> so guys, they are talking -- listen. crazy times in mining. newmont trying to buy gold corp. and now barrick wants to buy newmont. who would have thought the mining gold could be a vein of riches for investment bankers. >> excellent point what's your takeaway after talking to all of them trying to figure out what is behind this the joint venture actually works. or when there's a combination, somebody loses their job to. >> they want to do out with the greenwood headquar

>> we've had lots of news come out with you and bristow -- one person notably absent, john thornton. what's his role? gary: he is the executive chair. markto john for running the business. i would suspect that john is over top of all of this going on here. >> we will follow the deal closely. alix: that was gary goldberg, the newmont mining ceo. still with us, kim caughey forrest of fort pitt capital group. would you like this kind of merger? industry,ng at this it's clear that consolidation needs to take place. it has been. has long beent recognized as one of the best operators from a physical standpoint and esg standpoint as well, which feeds into the fiscal benefits. however, i'm really confused about the whole joint venture. i don't particularly like joint ventures. they are not terribly beneficial to shareholders. they are for companies that their management wants to continue to run a certain property and that's interesting to them, but i'm not feeling the love behind that jv that these two companies were talking about. alix: kim caughey forrest of fort pitt capital group staying with us. had the biggest selloff yesterday in three we