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Gold Fields conducts final push for multibillion acquisition of Canada’s Yamana Gold

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Gold Fields CEO Chris Griffith is preparing to lead a final roadshow to nudge shareholders to vote in favour of its $6.7bn (R123.4bn) acquisition of Canada’s Yamana Gold.

Yamana, headquartered in Toronto, operates the underground Wasamac project in Quebec and the MARA project in Argentina, while Gold Fields’ operations include the South Deep mine outside Johannesburg and Salares Norte in Chile.

Gold Fields also said Yamana offered the opportunity to expand its jurisdictional profile because Yamana mines were all located in resource-rich regions supportive of mining operations. Griffith said an independent valuation report by the Canadian Imperial Bank of Commerce had valued Yamana’s mineral assets at $6bn to $8bn, in line with the company’s initial offer price.

Griffith said while the company had paid a premium, it needed to pay a premium to ensure the deal could be consummated.

 

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COMPANIES: Independent valuator jives with Gold Fields’ Yamana assessment as deal deadlines loomYamana’s shareholders will deliver their verdict on 21 November, and Gold Fields’ shareholders on 22 November. For the transaction to be approved, 67% of Yamana’s shareholders and 75% of Gold Fields’ must give the green light.
Source: dailymaverick - 🏆 3. / 84 Read more »