Gold Fields is trading 13.6% down at $34.90 after Northern Star rejected its unsolicited A$38.7 billion takeover proposal, saying it materially undervalued the company and included onerous conditions.
- Reuters reported shares fell more than 14% by 1032 GMT, linking the decline to the rejected bid.
- The proposed deal was a cash-and-share acquisition; Northern Star’s board called it opportunistic and declined further engagement.
- Broader materials-sector weakness may also add pressure.