Gold Fields shareholders are starting to better understand the miner’s proposed acquisition of Yamana Gold, CEO Chris Griffith said on Friday as he tries to win investors over to the deal that was negatively received by the market.
“Many shareholders are starting to say ‘we get it’,” Griffith told reporters.
Griffith said he is not considering changing the terms of the deal, after announcing sweeteners, including higher dividends and a Toronto Stock Exchange listing.
The current environment for gold stocks is very difficult, and the market does not like premium deals, Griffith said, arguing that the timing of the deal announcement – just before a plunge in gold prices – has contributed to the negative reaction.
Gold Fields has had “constructive” and “tough” discussions with Redwheel, a shareholder that publicly called for the miner to scrap the deal, as part of its engagements with investors, Griffith told reporters.
