Newmont shareholders back $10-billion Goldcorp takeover

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The deal is expected to close later this quarter and means Newmont will bypass Barrick Gold Corp. and take the triple crown as biggest gold company in the world by market value, production and reserves.

The deal announced in January was eventful from the start. About a month after it was announced, Barrick made a hostile takeover bid for Newmont and urged Newmont to drop its quest for Goldcorp. Even later, when Barrick dropped its effort to acquire Newmont, more uncertainty arose when Goldcorp announced it had agreed to almost triple the retirement package of Ian Telfer, its chairman, to US$12-million. The payout angered some shareholders at Goldcorp, especially considering Mr. Telfer agreed to sell the company with its stock near a historical low.

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Much of the drama evaporated when Newmont sweetened the pot by agreeing to pay a special dividend to its shareholders worth US$470-million if a yes vote was achieved. That dividend will now be paid out on May 1 to people who hold shares as of April 17.