...we have problems with foreign companies taking over our lithium mines, but not Gold mines. Gold Road agrees to $3.7b takeover
Mark Wembridge
ASX-listed Gold Road Resources has succumbed to the advances of South Africa’s Gold Fields after sweetening its takeover offer to $3.7 billion.
The West Australian miner had been embroiled in a public war of words over the approach after initially rejecting Johannesburg-based Gold Fields’ first offer of $3.3 billion.
The takeover equates to $3.40 per share, representing a 43 per cent premium to Gold Road’s undisturbed closing share price on 21 March.
The buyout will grant Gold Fields full control of the Gruyère mine, which is located 1000 kilometres north-east of Perth and is jointly owned by the two miners.
Gold Fields operates and manages the mine, which has produced more than 1.5 million ounces since starting production in mid-2019.
