The result is a combination with much greater capacity and potential value than the sum of its parts: GoldFields_LTD. Moneyweb mining miningnews
Gold Fields Ltd agreed to buy Canada’s Yamana Gold Inc for about $7 billion in shares as the South African miner expands in the Americas. Johannesburg-based Gold Fields will offer 0.6 of one of its shares for each Yamana share, the company said in a statement. Based on the ten-day volume weighted average traded price of Gold Fields’ American depositary shares, the deal would imply a 34% premium to Yamana’s closing share price on May 27, the company said.
The South African company founded by Cecil Rhodes in 1887 has shifted focus in recent years to more lucrative mines in Ghana, Australia and Latin America as producers in its home country struggle with power cuts, soaring costs and the geological challenges of exploiting the world’s deepest deposits. Read the Sens here. “The result is a combination with much greater capacity and potential value than the sum of its parts,” Gold Fields chief executive officer Chris Griffith said in the statement.
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