In the latest twist to the Gold Fields-Yamana saga, Pan American Silver Corporation and Agnico Eagle Mines have launched their own bid for the Canadian miner, raising the stakes in the game.
“The emergence of another offer indicates that other mining companies see the inherent value in Yamana’s assets. As we have always said, the complementary nature of Yamana’s assets in the Gold Fields family will create significant near-term and long-term value for all shareholders. As a result, it is clear that Gold Fields’ offer remains strategically and financially superior to the joint offer,” Gold Fields’ CEO, Chris Griffith, said in a statement.
Still, Yamana is forcing Gold Fields’ hand to sweeten the offer. It said in a statement that the Pan American-Agnico offer was “superior” to that of Gold Fields and gave the South African suitor five business days to make a superior offer of its own — even while the board is still recommending the Gold Fields’ offer.Gold Fields has offered 0.
The pair highlighted the “low transaction risk” of their offer, which they said would “create the leading precious metals producer in Latin America”.
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Gold Fields share jumps as rivals make bid for YamanaSA company says new joint offer from Agnico Eagle and Pan American goes to show that Yamana is a worthy prize.
Source: SundayTimesZA - 🏆 47. / 51 Read more »