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    GFI   ZAE000018123

GOLD FIELDS LIMITED

(GFI)
  Report
End-of-day quote Johannesburg Stock Exchange  -  2022-11-27
187.38 ZAR   -0.22%
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Gold Fields CEO: Shareholder buy-in for Yamana takeover is still 'work in progress'

08/02/2022 | 01:45am EST
FILE PHOTO: Visitors to the Yamana Gold mining company booth speak with representatives during the PDAC convention in Toronto

KALGOORLIE, Australia (Reuters) - Gold Fields Chief Executive Chris Griffith said on Tuesday that convincing the company's shareholders to back its takeover offer for Canada's Yamana Gold was still a "work in progress".

The South Africa listed miner, with assets in Australia, Africa and South America, announced plans in May to acquire Yamana in an all-share deal valuing the Canada-listed miner at $6.7 billion on May 31.

But shares of Gold Fields plunged after news of the proposed takeover. Last month the miner promised higher dividends and a Toronto Stock Exchange (TSX) listing to sweeten its takeover offer.

The market has started to understand the strategy and the timing of the deal, but is still miffed with the premium the company offered to pay, Griffith told reporters at a mining conference in Kalgoorlie, Australia.

"We are trying to get them to see the massive upside that exists in this deal. So work in progress is probably the best way to describe it," he said when asked if investors and shareholders were on board with the deal.

Gold Fields shareholders will vote on the deal in the second week of October.

Griffith said the company has held a couple of road shows in recent weeks to "educate" shareholders.

Redwheel, one of the 10 biggest investors in Gold Fields, publicly told the miner to cancel the takeover, which it described as an expensive error with no guarantee of growth and profitability.

Gold Fields' shares tumbled 25% in the first few days after the details of the deal and the premium it was paying emerged. But the shares have made a comeback since, Griffith said.

When asked if the deal terms would be changed if there's pushback from shareholders, Griffith said: "The deal structure has been locked in. We don't foresee that we will change the deal structure. But I do say that never say never."

(Reporting by Praveen Menon; Editing by Muralikumar Anantharaman)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX -0.80% 461.99 Real-time Quote.-13.20%
DOW JONES SOUTH AFRICA(ZAR) 0.10% 2007.36 Real-time Quote.0.95%
GOLD FIELDS LIMITED -0.22% 187.38 End-of-day quote.7.60%
S&P AFRICA 40 INDEX 0.89% 152.77 Real-time Quote.-12.28%
YAMANA GOLD INC. -1.84% 6.94 Delayed Quote.30.45%
All news about GOLD FIELDS LIMITED
11/28Sierra Metals Says Luis Marchese Resigns as CEO, Appoints Ernesto Balarezo Valdez as In..
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11/28Ghana central bank hikes lending rate further to dampen inflation
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11/25Gold Fields not formally approached on Ghana order to sell 20% of gold to c.bank
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11/25Ghana orders mining firms to sell 20% of refined gold to c.bank
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11/21Gold Fields : Safety Champions Q2 2022
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11/16Gold Fields : Presentation - 7.1MB
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11/16Gold Fields : Presentation - 6.5MB
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11/16Gold Fields : Presentation - 5.6MB
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Analyst Recommendations on GOLD FIELDS LIMITED
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Financials
Sales 2022 74 292 M 4 337 M 4 337 M
Net income 2022 15 546 M 908 M 908 M
Net Debt 2022 12 003 M 701 M 701 M
P/E ratio 2022 10,5x
Yield 2022 3,08%
Capitalization 167 B 9 751 M 9 751 M
EV / Sales 2022 2,41x
EV / Sales 2023 2,27x
Nbr of Employees 6 251
Free-Float 96,1%
Chart GOLD FIELDS LIMITED
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Gold Fields Limited Technical Analysis Chart | MarketScreener
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Technical analysis trends GOLD FIELDS LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 8
Last Close Price 187,38 ZAR
Average target price 183,67 ZAR
Spread / Average Target -1,98%
EPS Revisions
Managers and Directors
Christopher Ivan Griffith Chief Executive Officer & Executive Director
Paul A. Schmidt Controller
Yunus G. H. Suleman Chairman
Richard J. Butcher Group Chief Technical Officer
Taryn L. Leishman Group Head-Legal & Compliance
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