Gold Fields Snaps Up Australian Rival in $2.4 Billion Deal

Gold Fields Ltd. will buy Gold Road Resources Ltd. in a deal valuing its Australian joint venture partner at A$3.7 billion ($2.4 billion), a sweetened offer following weeks of negotiations over their key project in Western Australia.

The Johannesburg-listed miner will use cash to acquire all outstanding shares at A$3.40 each — 12% higher than a previously rejected proposal put forward by Gold Fields in March, Perth-based Gold Road said in a statement Monday.