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Gold Fields has terminated the agreement to acquire Canadian precious metals miner Yamana Gold, and expects to be paid a $300 million (R5.3 billion) break fee within two business days.
In an announcement late on Tuesday, Gold Fields said it had "terminated the arrangement agreement" in terms of an all-share bid for Yamana. This followed just hours after the Yamana board - which had previously advised its shareholders to support the Gold Fields deal - recommended that shareholders vote against the transaction after it received a "superior" cash and share offer from Pan American Silver and Agnico Eagle Mines on Friday.
Gold Fields had declined to revise its offer, which it maintained was financially and strategically superior.
"As a result of Yamana entering into an arrangement agreement with Pan American Silver Corp. and Agnico Eagle Mines Limited and announcing a change in recommendation, Gold Fields has terminated the arrangement agreement in respect of the transaction," Gold Fields said. "In accordance with the terms of the arrangement agreement, Yamana is required to pay Gold Fields a termination fee in the amount of US$300 million within two business days from the date hereof."
Although Gold Fields said it was "disappointed" by the outcome, it added that "nonetheless, following the Yamana’s change in recommendation, Gold Fields believes the most disciplined and prudent course of action to maximise Gold Fields’ shareholder value is to terminate the arrangement agreement".
"Gold Fields and its shareholders will now benefit from the termination fee," the company said.
Gold Fields said it would continue to assess its growth options under its robust capital allocation framework, and in line with its vision to be the preferred gold mining company delivering sustainable, superior value to shareholders.
