The Canadian miner’s shareholders vote on November 21 on the existing Gold Fields offer
08 November 2022 - 05:10One of the things which even the more disapproving of analysts remarked on when Gold Fields pursued its takeover bid for Canada’s Yamana was that there clearly weren’t any other suitors for the Canadian miner. Now all of a sudden one has belatedly emerged, with precious metals miners Agnico Eagle and Pan American launching a $4.8bn rival bid for Yamana.
What happens next will be an interesting reflection on what’s happening in the global gold industry as well as on how global investors view SA mining companies in general and Gold Fields in particular. Gold Fields’ board, quite rightly, has unanimously declined to sweeten its offer. It emphasised this week that it still believed its offer was strategically and financially superior to the rival joint bid.
An all share deal would mean Gold Fields would not have burdened the merged group with excessive debt. That would give it optionality, so it could pick and choose within its portfolio and make the most of opportunities to expand in the future. It would put a merged group in a strong position in a global environment in which miners are set to consolidate as input costs rise and commodity prices come off.
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