Newmont dangles special dividend if shareholders approve Goldcorp deal
Newmont says the immediate cash payment will represent a portion of the savings from a separate agreement with Barrick Gold
Toronto — Newmont Mining will pay a special dividend of 88 US cents in an effort to soothe unhappy shareholders if they approve its $10bn takeover of Goldcorp, the company said on Monday. Facing protests from investors who say Goldcorp shareholders benefit too much from the deal, Newmont said the immediate cash payment would represent a portion of the savings from a separate agreement with Barrick Gold. Newmont's friendly bid to buy Goldcorp to create the world's biggest gold producer preceded the agreement with rival Barrick to create a joint venture combining their operations in Nevada. Newmont offered 0.328 of its shares and 2c for each Goldcorp share. Top Newmont shareholders including Paulson & Co and Van Eck International Investors said last week the Goldcorp proposal transferred to Goldcorp shareholders too much of $4.7bn in synergies from the Barrick venture. Paulson said last week it would vote against Newmont's acquisition of Goldcorp. A Paulson spokesperson said the firm ...
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