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On May 31, after almost no consultation with shareholders, SA miner Gold Fields unveiled a $7bn tilt for Yamana Gold, a Toronto-listed firm with gold mines scattered throughout the North and South American continents.

The market didn’t take a shine to the proposal. Shares in Gold Fields fell a quarter in Joburg on day one, with analysts principally concerned about the dilution that shareholders were being asked to absorb. As for Yamana’s investors, they were sniffy about the prospect of swapping Toronto scrip for far-flung Joburg paper...

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