Win for shareholders after Gold Fields rules out bidding war
Gold Fields’ decision wins praise from analysts and one of its biggest shareholders
07 November 2022 - 10:33
UPDATED 07 November 2022 - 23:05
In a victory for shareholders who have been calling for tighter capital discipline, Gold Fields resisted the temptation to sweeten its R120bn all-share offer for Yamana Gold on Monday after two North American rivals gatecrashed the rare SA-Canada tie-up with a cash-and stock bid.
The fate of the deal was thrown into doubt on Friday when precious metal companies Agnico Eagle and Pan American tabled a joint bid that valued Yamana at about $4.8bn and trumped Gold Fields’ earlier offer that valued Yamana at $6.8bn before the drop in the SA company’s share price chipped away at that valuation...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.