With the commission’s approval, the proposed transaction has now received all the required regulatory, shareholder and court approvals, including the final court order
Pan American will acquire Yamana assets. (Credit: nettetal10 from Pixabay)
Pan American Silver and Yamana Gold have secured the Mexican Federal Economic Competition Commission’s approval for Pan American’s acquisition of Yamana.
Earlier this year, Pan American and Canadian gold producer Agnico Eagle Mines signed an agreement to acquire Yamana Gold for $4.8bn.
South Africa-based gold mining company Gold Fields waived its right to match the rival offer.
With the commission’s approval, the proposed transaction has now received all the required regulatory, shareholder and court approvals, including the final court order.
The acquisition, which has been approved by the shareholders of both companies, is expected to be completed on or about 31 March 2023.
In addition, Pan American has announced to pay a cash dividend of $0.10 per common share to Pan American’s shareholders, on or about 12 May 2023, which will be eligible for Canadian income tax purposes.
The company said that it has selected the payment date to harmonise its dividend to match with Yamana’s normal course dividend timing for payment of a first quarter dividend.
Pan American said that its subsequent dividends to be declared will follow its previous schedule of dividend payments.
Yamana Gold is a producer of precious metals with significant gold and silver production, development stage properties, exploration properties, and land positions.
The Canada-based company operates across the Americas, including Canada, Brazil, Chile and Argentina.
Pan American Silver is a Canada-based mining company focused on Latin America, with mines and other projects in Mexico, Peru, Bolivia, and Argentina.