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Gold|Services|Sustainable
Gold|Services|Sustainable
gold|services|sustainable

Second proxy advisory firm recommends Newmont/Goldcorp merger

27th March 2019

By: Creamer Media Reporter

     

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A second independent proxy advisory firm has recommended that shareholders vote ‘for’ the combination of Newmont and Goldcorp.

NYSE-listed Newmont said on Wednesday that Glass, Lewis & Co has joined Institutional Shareholder Services as the second independent proxy advisory firm to recommend that Newmont and Goldcorp shareholders vote ‘for’ the companies’ respective resolutions relating to their proposed combination at their upcoming shareholder meetings.

Newmont’s special shareholder meeting is scheduled for April 11, and Goldcorp’s special shareholder meeting is scheduled for April 4, 2019. 

In its reports, Glass Lewis stated that the rationale and potential benefits of the combination were “fairly clear and compelling” for shareholders of both companies.

It also said there were no reasons to doubt the strategic rationale for the proposed transaction, which would create a leading gold company with greater asset diversification and opportunities to achieve meaningful synergies, in its view.

The combined company would have stable, long-term production with a sustainable production target of six- to seven-million ounces a year of gold, which was expected to generate strong cash flows to support an investment grade balance sheet, an industry-leading dividend and flexibility for future development opportunities.

Newmont and Goldcorp expect the transaction to close in the second quarter of 2019, subject to approval by Newmont and Goldcorp shareholders and the satisfaction of customary closing conditions and regulatory approvals.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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