24th Mar 2023 18:19
(Alliance News) - Yamana Gold Inc on Friday said its takeover received the regulatory nod in Mexico, with all hurdles for the deal now cleared.
The Mexican Federal Economic Competition Commission approved the buyout on Thursday, Yamana said. Yamana backed a joint Pan American Silver Corp and Agnico Eagle Ltd offer in November.
"All required regulatory, shareholder and court approvals, including the final court order, have now been received and the arrangement is anticipated to be completed on or about March 31, 2023," the company said.
Yamana originally had agreed to be bought by Johannesburg-listed Gold Fields Ltd, but the board then switched support to the joint Pan American Silver and Agnico Eagle bid.
Under the joint bid, the consortium offered USD1.0 billion in cash, plus about 153.5 million shares in Pan American, which is listed on Nasdaq, and some 36.1 million shares in Agnico Eagle, which is on the New York Stock Exchange.
By Eric Cunha, Alliance News news editor
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