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Goldcorp Supports Newmont Dividend Payment in Takeover

Stockhouse Editorial
0 Comments| March 25, 2019

Newmont Mining Corporation (NYSE: NEM) will pay a one-time special dividend to its shareholders should its friendly takeover of senior gold producer Goldcorp Inc. (TSX: G, NYSE: GG) receive a stamp of approval.

The dividend of 88 cents per share is conditional of approval by shareholders of both companies.

After the transaction closes in Q2 2019, Newmont Goldcorp is expected to begin delivering a combined $365 million in expected annual pre-tax synergies, as well as supply chain efficiencies and full potential improvements representing the opportunity to create $4.4 billion in value. It is also expected to target 6-7 million ounces of steady-state gold production over a decades-long time horizon. This new operation is also expected to be located in favorable mining jurisdictions and prolific gold districts on four continents and deliver the highest dividend among senior gold producers.

Goldcorp shareholders will vote on the acquisition at its special meeting to be held on April 4, 2019.


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