The combined entity roughly would be the world\u0027s fourth biggest gold miner, but skepticism continues to linger. Read on.
The Johannesburg-based company has a lot riding on the acquisition, as demonstrated by the two-and-a-half hours that Griffith spent on a call with analysts on July 11 explaining why he’s implementing dividends before the deal goes to a vote. The combination would allow Gold Fields to maintain and grow production levels into the future, even as discovering new gold mines becomes more difficult.
Gold Fields shareholders would own 61 per cent of the combined entity, while Yamana shareholders would control 39 per cent. The takeover would require 75 per cent approval and two-thirds approval, respectively, from Gold Fields’ and Yamana’s shareholders, with a vote expected in October.continues to linger, and the backdrop for the gold industry overall has soured in recent weeks.
“It was a greater reduction [in share price] than we had anticipated,” Griffith told analysts. “But the fact is, we had anticipated a reduction because of the premium, and over time, we expected that to re-rate.” In a sign that Gold Fields is monitoring its share price closely, the also announced it would list on the TSX once the merger with Yamana goes there, which Credit Suisse’s Fahad Tariq wrote “could prevent selling pressure for Gold Fields as the company will be a large gold stock on the exchange that Canadian funds track.”
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Fields CEO fights to save Yamana deal amidst broader sector woesThe combined entity roughly would be the world\u0027s fourth biggest gold miner, but skepticism continues to linger. Read on.
Read more »
Canadian women to play for Globl Jam gold after 85-60 win over the U.S.Shy Day-Wilson had 18 points and seven assists to lift Canada's women's under-23 basketball team to an 85-60 victory over the United States on Saturday, and into Sunday's gold-medal game of the inaugural Globl Jam tournament.
Read more »
NL Brings Home Three Gold Medals from Minor Atlantic Soccer ChampionshipsNewfoundland and Labrador captured three gold medals at minor Atlantic Soccer championships on the weekend. Th...
Read more »
Gold makes a move towards support zones in Europe(Kitco News) - The gold's price is again moving lower in the European session as the relentless greenback keeps climbing. At the weekend FX open, the U.S. dollar gained further ground against all its major counterparts but the yellow metal stood firm.
Read more »
Gold trades flat ahead of the European open(Kitco News) - Gold is trading pretty much flat ahead of the European open this morning. Silver is looking more subdued and is nearly half a percent in the red. In the rest of the commodities complex, both copper (-2.11%) and spot WTI (-1.64%) have moved lower overnight.
Read more »
Canada's U23 basketball team beats France 78-60 to win Globl Jam goldAaliyah Edwards high-fived fans and posed for pictures as she made her way off the Mattamy Athletic Centre court with teammates on Sunday, clutching her tournament MVP trophy. Canada had easily defeated France 78-60 moments earlier in the inaugural Globl Jam tournament.
Read more »