Goldcorp says gets requisite shareholder majority for Andean buy

Thomson Reuters






Dec 3 (Reuters) - Canada's Goldcorp , which has
offered C$3.6 billion to acquire Andean Resources , said the requisite majority of the Australian
company's shareholders voted in favor of the takeover.

The cash and share offer -- at C$6.50 per share -- of
Goldcorp was unanimously supported by the boards of both
companies earlier.

Goldcorp is vying for Andean's 100 percent-owned Cerro
Negro Gold project in the southern province of Santa Cruz in
Argentina and trumped fellow Canadian miner Eldorado Gold
Corp's bid. [ID:nSGE6820BF]

Late on Thursday, Goldcorp said the deal is subject to the
Australian company obtaining approval from the federal court of
the country, which will take place at a hearing scheduled for
Dec. 8.

Andean is headquartered in Salt Lake City, Utah, but its
main asset is the Cerro Negro gold project in southern
Argentina, which is shaping up to be a low-cost medium-sized
producer.

Under the terms of the deal, Andean shareholders will have
the option to elect to receive cash or shares, or any
combination of cash and shares, subject to the aggregate cash
limitation.

Goldcorp said results of the voting for cash and shares by
the Andean shareholders will be announced by Dec. 16.

Shares of Andean closed at C$6.51 on Thursday on the
Toronto Stock Exchange, while the Goldcorp stock closed at
C$46.80.