Latest News

Yamana Gold Stock Surges on $6.7 Billion Gold Fields Deal

Text size

Yamana Gold holders would receive 0.6 Gold Fields share for each share outstanding under terms of the proposed takeover.

David Gray/AFP/Getty Images

Yamana Gold

stock surged on Tuesday after South Africa’s

Gold Fields

agreed to buy the Canadian precious metals miner in an all-share offer valuing the company at $6.7 billion.

Under the terms of the deal,

Yamana Gold

(ticker: AUY) shareholders will receive 0.6 of a

Gold Fields

(GFI) share for each Yamana share outstanding, the company said in a statement.  The offer represents a 34% premium to Yamana’s average share price over the past 10 days.

Yamana jumped 17% in premarket trading on Tuesday. Gold Fields dropped more than 10%.

The combined group will create the world’s fourth biggest gold producer, headquartered in Johannesburg with operations across South Africa,Ghana, Australia, Canada and South America.

“Yamana’s high-quality asset base in the Americas and strong development and exploration pipeline will further diversify the geography of our portfolio, creating a top-4 global gold major, well positioned to deliver long-term value creation,” said Golds Fields chief executive Chris Griffin.

Gold Fields said Yamana’s board has unanimously approved the deal. It is expected to close in the second half of 2022.

Cruise Stocks Have Sunk. Only 2 Have Seen Large Insider Buys.

Previous article

Yamana Gold Stock Surges After $6.7 Billion Gold Fields Takeover Deal

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News