Gold Fields target Yamana catches eyes of Agnico Eagle, Pan American – by Helen Reid and Mrinalika Roy (Reuters – November 4, 2022)

Nov 4 (Reuters) – Agnico Eagle Mines Ltd (AEM.TO) and Pan American Silver Corp (PAAS.TO) swooped in with a joint bid for Yamana Gold (YRI.TO) on Friday, in an attempt to scupper Gold Fields’ (GFIJ.J) planned acquisition of the Canada-listed gold miner.

The cash and stock offer, valuing Yamana at around $4.8 billion, would see Agnico and Pan American split Yamana’s mines between them. Yamana shareholders would receive $1.0406 in cash, 0.0376 of an Agnico Share and 0.1598 of a Pan American Share for each share held.

South Africa’s Gold Fields had agreed to take over Yamana in an all-stock deal valuing it at $6.7 billion in May. But a slump in its shares after the deal was announced dented the valuation and at Thursday’s close the all-stock offer valued Yamana at just north of $4 billion.

Yamana, whose shares were up 15% after news of the rival bid, said it had informed Gold Fields that the new offer was a “superior proposal”. Gold Fields has five business days to make a new offer should it wish to.

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