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Gold Fields Abandons Takeover Of Yamana Gold

Gold Fields (GFI) has abandoned its takeover of Yamana Gold (YRI) after a rival offer for the
Canadian miner emerged.

The deal was cancelled after Yamana Gold agreed to a new offer from Agnico Eagle Mines
(AEM) and Pan American Silver (PAAS) that offers $4.8 billion U.S. in cash-and-stock. Yamana
said it felt this offer was superior to the all-share offer made by Gold Fields.

Gold Fields declined to revise its offer and said that it was abandoning its planned acquisition of
Yamana Gold.

The battle to acquire Toronto-based Yamana Gold highlights efforts by miners to boost output
as costs rise and new deposits becomes scarce.

In their offer, Pan American Silver will acquire all of Yamana’s shares and Agnico Eagle will buy
the company’s Canadian assets.

Yamana Gold will pay a $300 million U.S. termination fee to Gold Fields.

The U.S.-listed stock of Yamana Gold rose 6.5% to $5.18 U.S. per share on news of the new
acquisition offer. The stock is up 23% this year.