Gold Fields says it will not make new offer for Yamana Gold

The board of South Africa’s Gold Fields (GFIJ.J) has decided it will not offer to change the terms of its deal to take over Yamana Gold (YRI.TO) after Agnico Eagle (AEM.TO) and Pan American (PAAS.TO) made a surprise bid for the miner on Friday.

The decision not to make a new bid reflected “commitment to capital discipline” and the “fairness” of the deal to both Gold Fields and Yamana shareholders, the South Africa-listed gold miner said on Monday.