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Wednesday, 20th October 2004 (4164 views)

South Africa's Gold Fields has rejected the takeover bid recently announced by Harmony Gold Mining.<BR/><BR/>The company claims the offer is not adequate and it plans to concentrate on the Iamgold business instead.<BR/><BR/>Harmony had offered $8 billion for the takeover and was planning to purchase all of Gold Field's shares in an all-stock deal.<BR/><BR/>The deal would have created the largest gold company in the world, but Gold Fields believes such an approach undervalues its assets.<BR/><BR/>However, there could be some difficulties since Russia's Norilsk Nickel has chosen to support the Harmony proposal and vote against the Iamgold acquisition.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=3662239"/>

 

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