Yamana Gold (TSX: YRI; NYSE: AUY; LSE: AUY) shareholders have approved the company's acquisition by Pan American Silver (TSX: PAAS; NASDAQ: PAAS) and Agnico Eagle Mines (TSX: AEM; NYSE: AEM).
Under the US$4.8-billion cash-and-shares deal announced last November, Pan American will acquire Yamana's portfolio of mines in Latin America, while Agnico will acquire Yamana's Canadian assets and consolidate its ownership in the Canadian Malartic mine in Quebec. Pan American shareholders have also voted in favour of the deal.
The arrangement is expected to be completed during the first quarter.
Toronto-based Yamana inked a deal with the two precious metals miners after South Africa's Gold Fields (NYSE: GFI; JSE: GFI) waived its right to match the rival bid.
The arrangement resolution was approved by approximately 98.87% of the votes cast by Yamana shareholders at the meeting, with shareholder turnout of 61.59%.