S.Africa's Gold Fields Rises After Yamana Promises To Pay $300 Mln Break Fee
Gold fields (GFIJ.J) shares rose 12% on Wednesday after Yamana Gold (YRI.TO) said it will pay a $300 million break fee after the South African miner terminated its bid to acquire the Canadian company.
Gold Fields' share price rose to its highest level since end-May when, following news of the planned acquisition of Yamana, Gold Fields shares plunged.
Gold Fields terminated its deal to acquire Yamana on Tuesday, after the Canadian miner backed a rival $4.8 billion takeover bid from Agnico Eagle (AEM.TO) and Pan American Silver Corp (PAAS.TO).
On Wednesday, Yamana announced it would pay Gold Fields the $300 million as part of the two firms' May 31 agreement.
Pan American will pay $150 million cash of the termination fee, Yamana said.
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