(Reuters) -Gold fields shares jumped 21% on Wednesday after a deal to acquire Yamana Gold broke down and the Canadian miner said it would pay a $300 million break fee.
The shares rose to their highest level since the end of May, reversing the plunge that followed news of the planned acquisition of Yamana.
The South African miner terminated its deal to acquire Yamana on Tuesday, after the Canadian miner backed a rival $4.8 billion takeover bid from Agnico Eagle and Pan American Silver Corp.
On Wednesday, Yamana announced it would pay Gold Fields the $300 million as part of the two firms’ May 31 agreement.
Pan American will pay $150 million cash of the termination fee, Yamana said.
(Reporting by Nelson Banya, Editing by Elaine Hardcastle, Kirsten Donovan)
