{"id":1107234,"date":"2019-03-25T14:03:59","date_gmt":"2019-03-25T14:03:59","guid":{"rendered":"http:\/\/www.mining.com\/?p=978020"},"modified":"2019-03-25T14:03:59","modified_gmt":"2019-03-25T14:03:59","slug":"newmont-offers-special-dividend-if-goldcorp-takeover-approved","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1107234","title":{"rendered":"Newmont offers special dividend if Goldcorp takeover approved"},"content":{"rendered":"

US gold giant Newmont Mining (NYSE:NEM)\u00a0has offered investors a one-time special dividend<\/a> of 88 cents per share, if its $10 billion-friendly takeover<\/a> of Canada\u2019s Goldcorp (TSX:G) (NYSE:GG) is approved.<\/p>\n

Some of Newmont\u2019s shareholders, including hedge fund giant Paulson & Co<\/a>., have criticized the deal, saying it would deliver outsized benefits to Goldcorp shareholders, given that company’s poor performance.<\/p>\n

Paulson, which holds 14.2 million shares in Newmont,\u00a0said it would support the current takeover bid if the premium offered to Goldcorp shareholders is adjusted.<\/p>\n

Newmont said the immediate cash payment, worth $470 million, would represent a portion of the savings from its recently-announced joint venture with Barrick in Nevada.<\/q><\/p>\n

Joe Foster, a portfolio manager at VanEck \u2014 one of the biggest Newmont shareholders \u2014 focused his criticism on the \u201coutrageous payouts\u201d that would be given to Goldcorp executives after the merger.<\/p>\n

\u201cI don\u2019t think shareholders should support the lavish lifestyles of the Goldcorp executives for one thing,\u201d Foster told Bloomberg<\/em><\/a> last week. On top of that, it is unfair that Goldcorp shareholders should benefit from the recently-announced joint venture<\/a> between Newmont and Barrick Gold Corp. in Nevada, given that was negotiated after the Goldcorp-Newmont terms were set, he said.<\/p>\n

Goldcorp shareholders are set to vote on the deal that would create the world\u2019s largest producer by output on April 4, and Newmont investors on April 11.<\/p>\n

Greenwood Village, Colorado-based Newmont also announced the Mexico\u2019s Competition Commission had approved the deal without conditions. This follows clearance from the Canadian Competition Bureau and the Korea Fair Trade Commission in February.<\/p>\n

Goldcorp shares climbed 2.5% to C$14.88 in early trade on Monday in Toronto. Newmont jumped 1.7% to a one-month high of $35.10 in New York.<\/p>\n

The post Newmont offers special dividend if Goldcorp takeover approved<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The one-time special dividend, worth $470 million, will be given to Newmont’s shareholders only if its friendly takeover of Canada’s Goldcorp is approved.<\/p>\n

The post Newmont offers special dividend if Goldcorp takeover approved<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[421,514,674,404,369,1020,428],"tags":[15,18,25,48,71,83],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1107234"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1107234"}],"version-history":[{"count":3,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1107234\/revisions"}],"predecessor-version":[{"id":1107413,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1107234\/revisions\/1107413"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1107234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1107234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1107234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}