Advertisement
Canada markets closed
  • S&P/TSX

    22,011.72
    +139.76 (+0.64%)
     
  • S&P 500

    5,070.55
    +59.95 (+1.20%)
     
  • DOW

    38,503.69
    +263.71 (+0.69%)
     
  • CAD/USD

    0.7321
    +0.0001 (+0.01%)
     
  • CRUDE OIL

    83.43
    +0.07 (+0.08%)
     
  • Bitcoin CAD

    90,843.52
    -434.18 (-0.48%)
     
  • CMC Crypto 200

    1,433.50
    +18.74 (+1.33%)
     
  • GOLD FUTURES

    2,335.90
    -6.20 (-0.26%)
     
  • RUSSELL 2000

    2,002.64
    +35.17 (+1.79%)
     
  • 10-Yr Bond

    4.5980
    -0.0250 (-0.54%)
     
  • NASDAQ futures

    17,695.25
    +88.50 (+0.50%)
     
  • VOLATILITY

    15.69
    -1.25 (-7.38%)
     
  • FTSE

    8,044.81
    +20.94 (+0.26%)
     
  • NIKKEI 225

    38,035.49
    +483.33 (+1.29%)
     
  • CAD/EUR

    0.6837
    +0.0001 (+0.01%)
     

S.Africa's Gold Fields rises after Yamana promises to pay $300 million break fee

FILE PHOTO: Small toy figure and gold imitation are seen in front of the Gold Fields logo in this illustration

(Reuters) -Gold fields shares rose 12% on Wednesday after Yamana Gold 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 and Pan American Silver Corp.

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.

(Reporting by Nelson Banya, Editing by Louise Heavens, Elaine Hardcastle)