INVESTORS AND MEDIA 
In the news
GOLD Fields' chances of landing Yamana Gold receded further today after the Toronto-listed firm switched its recommendation to a rival joint offer that emerged last week.
Yamana said in a press statement it was now recommending shareholders accept the $4.8bn cash and shares bid tabled by Agnico-Eagle, a Canadian firm and its US bid partner, Pan American Silver.
This was after Gold Fields opted not to match the joint offer which Yamana acknowledged on November 4 was "superior". Gold Fields countered that its offer, consisting of 0.64 Gold Fields shares per Yamana share, was strategically and commercially superior.
Gold Fields said in a statement to the JSE today that Yamana had "entered into an arrangement agreement with Pan American and Agnico … and now unanimously recommends that Yamana shareholders vote against the transaction at the Yamana meeting". The meeting will be held on November 21, a day before Gold Fields shareholders were due to vote on the transaction at a general meeting.
"The Gold Fields investment committee will now be convened and Gold Fields will provide a further update to shareholders on the Transaction following that meeting," the Johannesburg-headquartered firm said in a statement.
Shares in Gold Fields edged down about half a percent on the JSE in the wake of the news. The stock gained about 14% when the Agnico-Eagle, Pan American bid first emerged.
In terms of the joint Agnico-Eagle, Pan American Silver offer Pan American would buy Yamana's shares for $1bn in cash and 153.5 million sharess while Agnico would contribute 36.1 million of its shares. Yamana shareholders would therefore receive $1.0406 in cash, 0.0376 of an Agnico Share and 0.1598 of a Pan American Share for each share held.
