Newmont Mining Corp will pay a special dividend of 88 cents in an effort to soot...
TORONTO - Newmont Mining Corp will pay a special dividend of 88 cents in an effort to soothe unhappy shareholders if they approve its $10 billion takeover of Goldcorp Inc, 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 Corp. Top Newmont shareholders including Paulson & Co and Van Eck International Investors said last week the Goldcorp proposal transferred to Goldcorp shareholders too much of $4.7 billion in synergies from the Barrick venture. Paulson said last week it would vote against Newmont’s acquisition of Goldcorp.“We’re very pleased with Newmont’s decision,” Joe Foster, portfolio manager at Van Eck, Newmont’s third-biggest shareholder, told Reuters.
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