The Globe and Mail reports in its Tuesday, May 16, edition that Newcrest Mining said on Monday it would back Newmont's $23.6-billion (U.S.) takeover offer in one of the world's largest buyouts so far this year. A Reuters dispatch to The Globe reports that the deal, subject to approval from shareholders of both companies and other regulatory hurdles, would lift Newmont's gold output to nearly double its nearest rival, Barrick Gold, and catapult the miner past Freeport McMoRan to become the largest U.S. gold and copper producer by market capitalization. Newmont is also allowing Newcrest to pay a franked special dividend of up to $1.10 (U.S.) per share on the implementation of the deal that returns tax credits to Australian shareholders. Reuters says the merger is set to be the third-largest deal ever involving an Australian company and the third-largest globally in 2023. Newmont said it would have about eight million ounces of total combined annual gold production once the deal closed, with more than five million gold ounces from 10 long-life and low-cost mines. Newmont added it would have combined annual copper production of approximately 350 million pounds from Australia and Canada.