Gold Fields rakes in R5bn for failed Yamana deal

Jse-listed Gold Fields has pocked R5-billion termination fee after Canadian mining house Yamana Gold, reneged on a merger deal. This after Yamana Gold opted to accept a rival bid for its assets, despite having had an agreement with Gold Fields.

Gold Fields, led by Chris Griffith, had offered R103.8-billion for a 61% stake in Yamana. However, a joint bid by Agnico-eagle and Pan American Silver emerged last week, opening the door for a bidding war. The joint bid offered $1-billion (R17.7-billion) in cash, plus about 153.5-million shares in Pan American, which is listed on Nasdaq. It further offered 36.1-million shares in Agnico Eagle, which is listed in New York.