Gold Fields’ Investor Calls for Scrapping of Yamana Bid, FT Says

An investor in Gold Fields Ltd. has called on the South African company to withdraw its all-share offer for Toronto-listed Yamana Gold, the Financial Times reported, citing the investor.

Redwheel, which controls 3% of Gold Fields for its clients, said the mining company should concentrate on “excellent organic growth options which it already owns,” according to the newspaper.

The investor believes Gold Fields’ cash flow would be better used on a share buyback rather than on Yamana’s pipeline of projects, which include Mara, a copper-gold resource in Argentina, the FT said.

Gold Fields told the FT it believed ...