Business

Gold Fields CEO believes investors will back $7 billion takeover of Yamana (NYSE: GFI)

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Initial concerns about the gold sectors’ (NYSE:GFI) $7 billion offer to buy Yamana Gold (NYSE:AUY) yes does not cause an exodus among top shareholdersCEO Chris Griffith said Tuesday, according to Bloomberg.

“We’ve seen some shareholders sell… but most of our top 10 shareholders are still pretty stable. It makes us feel good to have shareholders supporting this deal,” Griffith said at the Denver Gold Forum.

Yellow field (GFI), need at least 75% of investors backing Yamana (AUY) agreement, which counts South Africa Public Investment Corporation and BlackRock among its largest shareholders.

The company will send investors a circular on the deal in mid-October, with a vote expected in mid-November.

“We are completely confident in our ability to reach this agreement,” the CEO said, adding that the company would not “fall out of business” if the deal didn’t work out.

Comex gold closed Tuesday at $1,659.70/oz, lowest payment value for prepaid contract since April 2020.

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