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Reuters
Reuters
Business
Nelson Banya

S.Africa's Gold Fields to become fourth biggest gold miner with Yamana deal

Gold Gold Fields Yamana Canada Yamana Gold South Africa

South Africa's Gold Fields Ltd's is set to become one of the four biggest gold miners in the world after agreeing to acquire Canada-based Yamana Gold in a $6.7 billion all-share deal, the biggest in the region in years.

Shares in the South Africa-listed mining company fell 20%, though, and investors voiced concern about dilution on a call with Gold Fields CEO Chris Griffith and Yamana CEO Peter Marrone. Yamana shares rose as much as 8.6% on the deal, and were last up 4.2%.

Credit Suisse analysts said the premium Gold Fields agreed to pay for Yamana - 31% above Yamana's latest close - was "considerably higher" than in other recent gold deals.

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