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Goldcorp Inc. shareholders have voted decisively in favour of the company’s US$10-billion acquisition by Newmont Mining Corp., removing one more roadblock in what would be one of the biggest deals in the history of the gold sector.
Shareholders met in Vancouver on Thursday with more than 97 per cent voting in favour. The threshold for a successful outcome was at least two thirds of votes cast.
On April 11, Newmont shareholders will weigh in on the transaction in what will be the final major hurdle. Goldcorp shares rose by 1.8 per cent on Thursday to close at $15.63 apiece on the Toronto Stock Exchange.
If the deal closes, Colorado-based Newmont will overtake Barrick Gold Corp. to become the biggest gold company in the world by market value, production and reserves. The transaction is projected to be the second biggest deal in history in the gold sector. The biggest was Barrick’s US$10.4-billion acquisition of Placer Dome Inc. in 2005.
Newmont’s pursuit of Goldcorp was extraordinary from the start. Not long after the deal was announced in January, Barrick made a hostile US$17.8-billion push for Newmont, jeopardizing Newmont’s quest for Goldcorp. But even after Barrick subsequently dropped its bid for Newmont, a compensation controversy blew up that cast further doubt on the success of the Goldcorp deal.
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