www.lexpert.ca 9
its value and Yamana 15 percent, leaving the
Canadian gold target with a market capital-
ization of $4.4 billion, compared to the $6.7
billion it had in May.
Gold Fields improved the original bid
in early July to ease investors' concerns by
offering to pay shareholders 30 to 45 percent
of normalized earnings at the interim and
final dividend stages, up from a previous
payout range of 25 to 35 percent. It also
promised a 45-percent payout for the 2023
interim and final dividends aer it completes
the friendly acquisition.
Still, even Gold Fields CEO Chris Griffith
has admitted he's not sure whether the
company will obtain 75 percent of the votes
needed to go ahead with the deal. Since
the Johannesburg-based miner approached
its target, shareholders have criticized the
proposed all-stock merger, arguing the
friendly approach does not guarantee growth
and profitability.
Gold Field's proposed acquisition with
Yamana was the largest of the five metals and
mining industry M&A deals of Q2 2022
tracked by GlobalData. e others were:
• the $646.37 million acquisition of
Nomad Royalty by Sandstorm Gold
• Orla Mining's $189.23 million
acquisition deal with Gold Standard
Ventures
• Uranium Energ y's $161.59 million
acquisition of UEX
• the $33.67 million acquisition
of a 25.2 percent stake in Entrée
Resources by 1363013 BC, a
wholly owned subsidiary of Royalty
North Partners
CANADA METALS AND MINING M&A DEALS – Q2 2021 TO Q2 2022
Source: GlobalData's deals database
Deal volume Deal value
Q2 2021 Q3 2021 Q4 2021
$6.98bn
$7.78bn
$2.02bn
43
33
31
21
30
Q1 2022 Q2 2022
$0.23bn $0.23bn
$0.77bn $0.77bn
