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Newmont (NYSE:NEM) said Wednesday its shareholders voted overwhelmingly in favor of the miner’s proposed A$26.2B (~US$16.8B) acquisition of Newcrest Mining (OTCPK:NCMGF) (OTCPK:NCMGY).
Newcrest (OTCPK:NCMGF) (OTCPK:NCMGY) shareholders will vote on Friday, but the two companies expect the deal to close early next month.
Newcrest (OTCPK:NCMGF) (OTCPK:NCMGY) said last week that Newmont (NEM) had received all government regulatory approvals required to move forward on the deal, including from Australian Foreign Investment Review Board and competition authorities in Australia, Canada and Papua New Guinea.
Newmont (NEM) said it expects the combined company will generate $500M in annual pre-tax synergies within the first 24 months, and anticipates at least $2B in cash improvements through portfolio optimization in the first two years after closing.
