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Yamana Gold’s top investor calls the $4.8-billion takeover proposal by Agnico Eagle Mines and Pan American Silver “a good deal” for all, signaling his preference on the competing deals.

Van Eck Associates, which owns nearly 12% of Yamana, had been critical of a takeover offer by South Africa’s Gold Fields announced in May, calling the deal poorly structured just weeks before investors were set to vote on the transaction. Now, with a rival offer on the table, the firm sees value in Friday’s proposal by two Canadian miners.

“This looks like a good deal for all parties,” Joe Foster, a portfolio manager with the New York-based firm, said Tuesday in an email. “A higher premium and cash component for Yamana shareholders. Good synergies for Agnico and Pan American.”

Van Eck is also the top shareholder of Toronto-based Agnico Eagle, with about a 4.4% stake, and a top investor in Pan American Silver, holding about 10% of the Vancouver-based firm’s stock, according to data compiled by Bloomberg. He also holds shares in Gold Fields, the data show. Foster said he sees some upside for Gold Fields if investors reject the company’s all-stock offer.

“If the previous deal is voted down, then Gold Fields will be free to pursue other growth strategies,” he said