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"No further regulatory or shareholder approvals are required"

Newmont Mining’s US$10 billion acquisition of Goldcorp is expected to close this week after Newmont received approval under the Investment Canada Act.
"No further regulatory or shareholder approvals are required" "No further regulatory or shareholder approvals are required" "No further regulatory or shareholder approvals are required" "No further regulatory or shareholder approvals are required" "No further regulatory or shareholder approvals are required"

Newmont’s Goldcorp transaction is expected to close this week

Staff reporter

"No further regulatory or shareholder approvals are required in connection with the arrangement," Goldcorp said.

"With the overwhelming support of both companies' shareholders and the necessary regulatory approvals in hand, we will close the transaction on April 18th," Newmont CEO Gary Goldberg said.

The deal overcame opposition from major shareholders after Newmont offered a special 88c dividend, to recognise the potential synergies of its new Nevada joint venture with rival Barrick Gold.

The joint venture agreement was struck last month, putting an end to Barrick's hostile takeover bid for Newmont which would have scuppered Newmont's Goldcorp plans.

Newmont shareholders had voted overwhelmingly in favour of the Goldcorp deal on Thursday, a week after Goldcorp shareholders did likewise.

The enlarged miner, Newmont Goldcorp, will continue trading on the New York Stock Exchange under the ticker NEM and start trading on the Toronto Stock Exchange under NGT.

Goldcorp shares will be delisted after the transaction closes.

Newmont Goldcorp is targeting 6-7 million ounces of annual gold production, $365 million in expected pre-tax synergies and improvements, and plans to "deliver the highest dividend among senior gold producers".