Gold miner appoints veteran Mark Hill
Bangaluru — Barrick Mining on Monday appointed veteran executive Mark Hill as interim president and CEO after the sudden departure of Mark Bristow, who led the Canadian miner for nearly seven years after its merger with Randgold Resources.
Bristow, who became CEO in 2019 when Barrick acquired Randgold, oversaw the integration of the two companies and steered the miner through a period of significant portfolio reshaping and debt reduction.
Hill, who will also serve as group COO, takes charge immediately as the board begins a global search for a permanent chief executive with the help of an external firm. Reuters
Nigeria approves TotalEnergies’ exit from Bonga
Lagos — Nigeria’s oil regulator has approved a $510m deal by TotalEnergies to sell its entire 12.5% interest in oil mining lease 118, which hosts the offshore Bonga oilfield, to the field’s operator Shell, and Agip, the agency said on Thursday.
The Nigerian Upstream Petroleum Regulatory Commission said TotalEnergies will transfer 10% of its interest to Shell at a cost of $408m while Agip will pay $102m for the remaining 2.5%.
The deal raises Shell’s stake in Bonga to 65%, highlighting its continued interest in offshore Nigeria production after selling its spill-plagued onshore assets to Renaissance, a consortium of four local companies and an international energy group.
The regulator said it conducted due diligence on Shell Nigeria Exploration and Production Company and Nigerian Agip Exploration to confirm their competence to operate the asset. Reuters
BP moves ahead with $5bn US drilling project
Houston — British oil major BP said on Monday it will move ahead with a $5bn offshore drilling project in the US Gulf of Mexico called Tiber-Guadalupe, marking another step in its strategy shift to refocus on its core oil and gas business.
The project, which is expected to begin oil and gas production in 2030, will include a new floating platform with the capacity to produce 80,000 barrels of crude per day.
After underperforming rivals Shell and Exxon Mobil in recent years with rising debt, BP announced in February it would slash investment in renewable energy and grow oil and gas production to turn around its business and win back investors. The US is key to that goal, with BP aiming to reach at least 400,000 barrels of oil equivalent per day from the gulf by 2030, up from 341,000 last year. Reuters
Verisure seeks IPO valuation of almost €14bn
Oslo — Swiss-based security services company Verisure is targeting a valuation of up to €13.9bn in its planned initial public offering (IPO) in Stockholm, it said on Monday.
The company announced on September 17 that it aims to list on Nasdaq Sweden and raise €3.1bn in what could be one of Europe’s largest IPOs in years. Verisure plans to sell new shares at a price between 142 kronor and 153 kronor, it said in its prospectus published on Monday, valuing it at between €12.9bn and €13.9bn.
Proceeds from the offering will be used to reduce debt and fund the acquisition of ADT Mexico, as Verisure aims to maintain an annual growth rate of 10%, the company has said. Reuters
Italy clears Chinese investor in Pirelli
Milan — Italy’s government has determined that Sinochem, the largest shareholder in Pirelli, did not violate “golden power” measures imposed in 2023, the tyre manufacturer said on Monday. Chinese involvement in the Italian company has been a sensitive issue in recent months, as Pirelli’s second-largest shareholder, Camfin, argued that it threatens its ambitions to expand in the US.
Washington is tightening restrictions on Chinese technology in the automotive sector, banning key software and hardware from Chinese-controlled companies in connected vehicles operating on US roads.
Italy’s government concluded that actions by non-independent directors appointed by Sinochem, which holds a 37% stake in Pirelli, did not compromise the company’s management autonomy, a statement said. Reuters
GSK boss Emma Walmsley to step down
Bengaluru — British drugmaker GSK said on Monday Emma Walmsley will step down as CEO after nine years in the role and will be replaced by insider Luke Miels in January.
Since taking over in 2017, Walmsley has returned GSK to growth, with a focus on cancer and infectious diseases to counter a combination of patent expiries and declining revenue from its best-selling medicines by 2030. Walmsley said 2026 “is a pivotal year for GSK to define its path for the decade ahead, and I believe the right moment for new leadership”.
Miels will be tasked with leading a new phase of the company and delivering GSK’s sales target of more than £40bn by 2031. Miels joined GSK in 2017 and is currently the drugmaker’s chief commercial officer, overseeing the global medicines and vaccines portfolio. Reuters
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