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Company News from Saturday, April 6, 2019
Source: Myjoyonline.com
2019-04-06
Newmont
The fate of a $ 10 billion mega-merger rests on Newmont Mining Corp.'s investors.
More than 97% of Goldcorp shareholders voted for the merger at a special meeting in Vancouver, the miner said in a statement.
Colorado-based Newmont would pay 0.3280 of its shares for every Goldcorp share, plus two cents.
Goldcorp's vote required at least two-thirds of the shareholders who voted in favor of the agreement.
The result was expected in part because two shareholder advisory groups, Glbad, Lewis & Co. and Institutional Shareholder Services Inc., recommended investors to vote in favor of the transaction.
Newmont's shareholders are expected to vote on the deal on April 11. The promise of a special dividend of 88 cents, if the deal is completed, has already convinced some of its biggest investors.
Newmont said the merger with Goldcorp would create a value of more than $ 4.4 billion and give the company a sustainable annual output of 6 to 7 million ounces.
Goldcorp reduced its losses and increased 0.3% to C $ 15.37 at 12:43 pm in Toronto, while Newmont rose 0.1% in New York.
If the transaction is successful, the merged company will control mines in the Americas, Australia and Ghana. This merger would be equivalent to Randgold Resources Ltd.'s recent $ 5.4 billion acquisition. by Barrick Gold Corp. .
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