Gold Fields has R37.7bn cash bid for Aussie miner rejected

GOLD Fields said on Monday it had bid A$1.65bn (about R37.75bn) in cash to consolidate its holding in 350,000 ounce a year Australian gold mine Gruyere.This is in terms of a A$3.05 per share offer for Gold Road Resources bid in Gruyere, Gold Fields’s 50% partner in the mine. Gold Fields owns the other 50% and is the operator.Gold Fields’s offer also includes Gold Road’s stake in ASX-listed De Grey which in December was subject to an all-share takeover by Northern Star, another Australian miner. Gold Fields  said it did not intend to make a competing offer for De Grey.However, Gold Road rejected Gold Fields’ offer for its stake in Gruyere which represents a 28% premium to the Australian firm’s 30 day average weighted share price.Instead, Gold Field fired back an offer for Gold Fields’ stake in Gruyere – which the South African said today it had rejected.Mike Fraser, Gold Fields CEO said the group would continue to “engage” with the board of Gold Road Resources.He said: “We are disappointed that Gold Road’s board of directors has rejected our proposal. Consolidation of the remaining 50% interest in Gruyere will eliminate dis-synergies that arise through the current joint venture ownership.”The post Gold Fields’s $A1.65bn bid for 100% of Gruyere rejected appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com