South African gold mining group Gold Fields has agreed to buy Yamana Gold in an all-share deal valuing its Canadian rival at $6.7bn, in the latest push to consolidate the fragmented sector.
Yamana shareholders will receive 0.6 Gold Fields shares for each share they hold, giving them about 39 per cent of the combined company that will have a $15.6bn market capitalisation. The offer represents a 33.8 per cent premium to Yamana’s average share price over the past 10 days.
The takeover comes as big gold companies try to revive their fortunes after being shunned by investors who have grown tired of the sector’s lacklustre performance.
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