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

(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)