Wednesday, 20th October 2004 (2465 views)

South Africa's Gold Fields has rejected the takeover bid recently announced by Harmony Gold Mining.

The company claims the offer is not adequate and it plans to concentrate on the Iamgold business instead.

Harmony had offered $8 billion for the takeover and was planning to purchase all of Gold Field's shares in an all-stock deal.

The deal would have created the largest gold company in the world, but Gold Fields believes such an approach undervalues its assets.

However, there could be some difficulties since Russia's Norilsk Nickel has chosen to support the Harmony proposal and vote against the Iamgold acquisition.

 

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