Goldcorp’s Wheaton bid approved

Goldcorp (G-T) shareholders have approved a resolution allowing the company to issue shares in its Wheaton River Minerals (WRM-T) takeover bid, blocking the bid for Goldcorp by Glamis Gold (GLG-T).

The motion received 65% of the votes cast, with 63% of Goldcorp shares being voted at the meeting. In substance it allows Goldcorp to issue up to 200 million shares to effect the Wheaton takeover bid.

Goldcorp has offered 0.25 of a Goldcorp share for one share of Wheaton in an agreed merger. Glamis had offered Goldcorp shareholders 0.92 of a Glamis share for one Goldcorp share, on the condition that the Wheaton merger not go through.

In a statement, Glamis management said it was abandoning its bid for Goldcorp based on the results of the vote.

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