Inside Chris Griffith’s great gold gamble
The $7bn Gold Fields tilt for Toronto-listed Yamana Gold came like a bolt from the blue in May. Despite initial scepticism there has been some shift in sentiment towards the deal, particularly after this week’s announcement of a sweetened dividend payout policy. Still, it’s far from certain that CEO Chris Griffith will get his play over the line
14 July 2022 - 05:00
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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