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Apr 11, 2019

Newmont shareholders vote in favour of US$10B Goldcorp takeover

Commodities update: Newmont inches closer to Goldcorp deal; World Pork Expo cancelled

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VANCOUVER -- Newmont Mining Corp.'s US$10-billion all-share takeover deal of Goldcorp Inc. is almost complete after shareholders of the Denver-based company voted in favour of the merger Thursday.

The company said shareholders voted more than 76 per cent in favour of increasing its number of outstanding shares and more than 98 per cent in favour of issuing the shares under the deal.

The vote follows one by Goldcorp shareholders on April 4 that saw more than 97 per cent in favour of the deal, despite concerns raised by some over excess compensation going to company chairman Ian Telfer.

The deal secured approval from the Ontario Superior Court of Justice on April 8. Approval under the Investment Canada Act is the final regulatory hurdle.

The deal will see Newmont issue 0.3280 of a share for each Goldcorp share, a ratio that valued the Vancouver-based company at US$10 billion when it was announced in January.

Newmont said it will also issue a special payout to current shareholders before the merger after some criticized the premium to Goldcorp shareholders in the deal.

The two companies have pitched the deal under the promise of US$365 million in annual pre-tax synergies among other benefits.

RBC Capital Markets analyst Stephen Walker said in a note that while the deal is accretive to Newmont shareholders, the merged company will have to integrate core Goldcorp assets and demonstrate the expected financial benefits before a higher share re-rating is justified.

The combined company will be known as Newmont Goldcorp and will apply for a listing on the Toronto Stock Exchange.

With Goldcorp itself set to be delisted, S&P Dow Jones said Thursday that Canopy Growth Corp. would replace it in the S&P/TSX 60 Index starting April 18.

Once the merger is complete, Goldcorp's Vancouver office will become the designated base for North American operations of the combined company.