Goldcorp criticized for additional payment to chairman in wake of Newmont deal GlobeBusiness
Gold research firm Shareholders’ Gold Council on Monday criticized Goldcorp Inc’s decision to approve an additional payment for chairman Ian Telfer with regard to its proposed merger with Newmont Mining Corp.
According to a Goldcorp circular cited by SGC, Telfer will be entitled to a lump-sum retirement allowance of about $12 million. He was previously entitled to $4.5 million. “While Goldcorp is telling its shareholders to sell their shares close to a 13-year low, Goldcorp management stands to reap over $33 million in potential change-of-control payments,” the statement said.SGC’s disclosed founding members include Adrian Day Asset Management and Paulson & Co Inc, which together held a less than 1 per cent stake in Goldcorp, as of Dec. 31, according to data from Refinitiv.
Newmont said in January it would buy Goldcorp for $10 billion, creating the world’s biggest gold producer. Barrick Gold Corp on Monday withdrew its $18 billion bid for its biggest rival Newmont, a proposal that involved the U.S. gold miner ditching its takeover of Goldcorp.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
War of words between Newmont and Barrick grows hotter with Newmont slideshowThe slideshow called ‘Capturing the missing facts,’ takes aim at Barric CEO Mark Bristow and Chairman John Thornton
Read more »
Barrick’s largest shareholder pushes for Nevada joint venture with NewmontBarrick Gold launched an $18 billion takeover offer for Newmont Mining last month, which Newmont rejected
Read more »
Barrick drops hostile bid, signs Nevada join venture with Newmont MiningUnder the deal, Barrick will hold a 61.5 per cent stake in the joint venture, while Newmont will own 38.5 per cent
Read more »
Posthaste March 11: Boeing under pressure, Barrick-Newmont joint venture, and U.S. shale’s second waveAfter bickering for weeks, Barrick Gold Corp. and Newmont Mining Corp. announce a joint venture in Nevada
Read more »
Newmont says early joint-venture talks with Barrick ‘constructive’The company CEOs met Tuesday in New York to try to hash out a tie-up in Nevada that could head off a protracted hostile takeover spat
Read more »
Inter Pipeline planning additional $600-million petrochemical project in AlbertaAlberta Premier Rachel Notley announced the province would provide $70 million in royalty credits to Inter Pipeline for the project
Read more »
Canadian Pacific Railway, CN appeal minister’s handbrake order, warning of additional risksCP CEO says there are safer options available to prevent disasters such as the one near Field, B.C., in February
Read more »