MERGERS & ACQUISITIONS
Gold Fields CEO’s R103bn takeover gamble
Most analysts hate it, but the Gold Fields CEO is convinced of the merits of buying Canadian miner Yamana Gold
John Paulson, founder of hedge fund Paulson & Co, knows a deal when he sees one. He famously bagged $20bn after shorting the US housing market ahead of the subprime mortgage crisis, readers may recall. Paulson is also pretty outspoken when something doesn’t smell right.
“I have absolutely no intention of voting for this deal,” he said in September 2014. “The concept is good but the execution, the way they are doing it with this [huge] dilutive equity offering ... It’s value destructive.”..