SYDNEY (Reuters) – Newcrest Mining (OTC:) shareholders have voted strongly in favour to accept the A$26.2 billion ($16.81 billion) buyout bid from global mining giant Newmont Corporation, Australia’s largest corporate takeover this year.
The proxy votes were 91.66% in favour of the bid, a slide shown to investors at the meeting in Melbourne showed.
A final result will become known later on Friday.
The deal needed the support of at least 75% of votes cast for it proceed.
On Wednesday, Newmont shareholders meeting in the U.S. voted more than 96% in favour of the world’s largest gold producer buying its Australian rival.
The deal is the third largest ever involving an Australian company, LSEG data showed, and one of the biggest global buyouts in 2023.
Newmont said in May that it would offer Newcrest shareholders 0.400 Newmont share for each share held, after Newcrest’s board in February rejected an earlier offer to receive 0.38 Newmont shares.
Newmont is also allowing Newcrest to pay a franked special dividend of up to $1.10 per share on the implementation of the deal that returns tax credits to Australian shareholders.
Newcrest last week said Newmont had received all government regulatory approvals required for the deal to go through, including from Australian Foreign Investment Review Board and competition authorities in Australia, Canada and Papua New Guinea.
Mergers and acquisition activity in Australia has fallen 25.7% in the first three quarters of 2023 compared to the same time last year, according to LSEG data.