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Aerial view of the Goldcorp Marlin Mine in Guatemala in April 2006.
Handout / Vancouver Sun
VANCOUVER – Investors are concerned about Goldcorp Inc.'s proposed takeover of Goldcorp Inc. by Newmont Mining Corp.
Hedge fund giant Paulson & Co. Inc. says in a letter that the $ 1.5 billion bonus offered to Goldcorp shareholders is unjustified given the company's poor performance.
The company, which owns 14.2 million shares in Newmont, said it did not support the current takeover bid, but could change its mind if the premium was adjusted.
In the meantime, the British Columbia Investment Management Corp. announced that it would vote against the deal, due to the high payment expected for Goldcorp President Ian Telfer.
Goldcorp recently announced that it would pay a US $ 12 million retirement benefit to Telfer, nearly three times the $ 4.5 million previously announced by the company.
The BC investment group, which manages public sector investments in the province, said the proposed payment to Telfer did not match shareholder interests and was a "troubling precedent" in financial markets.
Companies in this article: (TSX: GG)
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