Yamana Gold Inc - Toronto, Canada-based miner - Shareholders approve acquisition by Pan American Silver Corp with 99% of votes cast at a special meeting on Tuesday. Turnout was 62% of shareholders. Transaction is expected to complete during first quarter of 2023, subject to Ontario Superior Court of Justice approval in Canada and from the Mexican Federal Economic Competition Commission.
Yamana Gold Executive Chair Peter Marrone says: "Through this transaction with Pan American and Agnico Eagle, I believe we have delivered a value enhancing opportunity for our shareholders, in a market that is not currently rewarding growth, whilst also establishing the critical mass and scale that this sector desperately needs for future success."
Yamana originally had agreed to be bought by Johannesburg-based Gold Fields Ltd, but the board then switched support to the Pan American offer and Gold Fields withdrew its offer.
Yamana Gold shares were 3.4% lower at 473.50 pence each in London on Wednesday before midday, and down 6.6% to USD5.63 each in New York pre-market trading. The stock is up roughly 50% in both markets over the past 12 months.
By Greg Rosenvinge, Alliance News reporter
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