S.Africa's Gold Fields Rises After Yamana Promises To Pay $300 Mln Break Fee | Business News

Gold fields (GFIJ.J) shares rose 12% on Wednesday after Yamana Gold (YRI.TO) stated it is going to pay a $300 million break price after the South African miner terminated its bid to accumulate the Canadian firm.

Gold Fields' share worth rose to its highest stage since end-May when, following information of the deliberate acquisition of Yamana, Gold Fields shares plunged.

Gold Fields terminated its deal to accumulate Yamana on Tuesday, after the Canadian miner backed a rival $4.8 billion takeover bid from Agnico Eagle (AEM.TO) and Pan American Silver Corp (PAAS.TO).

On Wednesday, Yamana introduced it might pay Gold Fields the $300 million as a part of the 2 companies' May 31 settlement.

Pan American pays $150 million money of the termination price, Yamana stated.