Newcrest Mining NCM-T shareholders have voted strongly in favour of accepting the A$26.2-billion ($16.81-billion) buyout bid from global gold mining giant Newmont Corporation NGT-T, Australia’s largest corporate takeover this year.
The company announced on Friday that 92.63 per cent of the votes cast by Newcrest shareholders were in favour of the deal going ahead, exceeding the requirement for at least 75 per cent support.
A Federal Court hearing is due to be held on Tuesday, in the final step for the takeover to be ratified.
On Wednesday, Newmont shareholders meeting in the U.S. voted more than 96 per cent in favour of the world’s largest gold producer buying its Australian rival.
The deal is the third-largest ever involving an Australian company, LSEG data showed, and one of the biggest global buyouts in 2023.
Newmont said in May it would offer Newcrest shareholders 0.400 Newmont share for each share held, after Newcrest’s board in February rejected an earlier offer of 0.38 Newmont shares.
Newmont is also allowing Newcrest to pay a franked special dividend of up to $1.10 per share on the implementation of the deal, returning tax credits to Australian shareholders.
Newcrest last week said Newmont had received all government regulatory approvals required for the deal to go through, including from Australian Foreign Investment Review Board and competition authorities in Australia, Canada and Papua New Guinea. Mergers and acquisition activity in Australia has fallen 25.7 per cent in the first three quarters of 2023 compared to the same time last year, according to LSEG data.