Paulson & Co Inc will not support Newmont Mining Corp's planned $10 billion...
TORONTO - Paulson & Co Inc will not support Newmont Mining Corp’s planned $10 billion takeover of rival Goldcorp Inc as the premium offered is unjustified, the investor said in a letter on Thursday.
The transaction is dilutive to Newmont shareholders and only Goldcorp shareholders would benefit from the deal’s synergies, Founder John Paulson and Partner Marcelo Kim said in the letter to Newmont Chief Executive Officer Gary Goldberg. Paulson & Co holds 14.2 million Newmont shares, according to the letter. That gives it 2.7 percent of the company, making it one of its biggest shareholders.The transaction would also transfer to Goldcorp investors a significant proportion of the value from Newmont’s recent joint venture with Barrick Gold Corp of their Nevada assets, Paulson said.
“Voting down the Goldcorp deal from a Newmont shareholder perspective, just because they’d have to share some of the synergies in Nevada, would be like cutting off your nose to spite your face,” he added, declining to say how Gabelli will vote.Paulson said the firm would support a deal in which Goldcorp shareholders receive a maximum of 0.254 Newmont share rather than the 0.328 share they currently stand to get.
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