S.Africa’s Gold Fields to buy Yamana Gold in $6.7 bln deal

PUBLISHED: Tue, 31 May 2022 10:21:39 GMT

May 31 (Reuters) – South African miner Gold Fields Ltd GFIJ.J on Tuesday agreed to buy Canada-based precious metals miner Yamana Gold Inc YRI.TO in an all-share deal, valuing the Toronto-listed company at $6.7 billion.

Gold Fields said its shareholders will own about 61% of the combined group, while Yamana Gold shareholders will own around 39% after the deal completes.

The South African miner said Yamana’s board has unanimously approved the deal and also recommended its shareholders to vote in favour of the offer.

The offer consists of new shares or newly issued American Depositary Shares in Gold Fields at a fixed exchange ratio of 0.6 of a Gold Fields share for each Yamana share outstanding.

Shares of Yamana will be delisted from the stock markets, while Gold Fields will continue trading in Johannesburg, where the combined group will have their headquarters.

(Reporting by Amna Karimi and Yadarisa Shabong in Bengaluru; Editing by Uttaresh.V and Sherry Jacob-Phillips)

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