Goldcorp says gets requisite shareholder majority for Andean buy

Fri Dec 3, 2010 7:53am EST

Dec 3 (Reuters) - Canada's Goldcorp (G.TO), which has offered C$3.6 billion to acquire Andean Resources AND.AX AND.TO, said the requisite majority of the Australian company's shareholders voted in favor of the takeover.

The cash and share offer -- at C$6.50 per share -- of Goldcorp was unanimously supported by the boards of both companies earlier.

Goldcorp is vying for Andean's 100 percent-owned Cerro Negro Gold project in the southern province of Santa Cruz in Argentina and trumped fellow Canadian miner Eldorado Gold Corp's (ELD.TO) bid. [ID:nSGE6820BF]

Late on Thursday, Goldcorp said the deal is subject to the Australian company obtaining approval from the federal court of the country, which will take place at a hearing scheduled for Dec. 8.

Andean is headquartered in Salt Lake City, Utah, but its main asset is the Cerro Negro gold project in southern Argentina, which is shaping up to be a low-cost medium-sized producer.

Under the terms of the deal, Andean shareholders will have the option to elect to receive cash or shares, or any combination of cash and shares, subject to the aggregate cash limitation.

Goldcorp said results of the voting for cash and shares by the Andean shareholders will be announced by Dec. 16.

Shares of Andean closed at C$6.51 on Thursday on the Toronto Stock Exchange, while the Goldcorp stock closed at C$46.80. (Reporting by Aftab Ahmed in Bangalore; Editing by Maju Samuel) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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