Tuesday, 2nd November 2004 (2620 views)

Harmony Gold Mining has sent out an open letter to its shareholders this week, in a bid to encourage them to vote in favour of its proposed merger with Gold Fields.

A special meeting which will obtain votes and opinions from shareholders is due to take place on November 12.

Bernard Swanepoel, chief executive of Harmony, stated: "We believe that this transaction is truly in the best interest of all shareholders.

"When Harmony and Gold Fields shareholders review the facts of the merger, we think they will agree."

The company has outlined a number of positive reasons for the merger, including Harmony's positive track record for cost savings and the merger being in line with the company's strategic plan for growth.

In addition, Gold Fields largest shareholder has fully supported the offer and the world's leading independent corporate services provider has recommended shareholders should support the move.

Mr Swanepoel believes the deal could help increase profitability for Gold Fields' mines and benefit both sets of shareholders.

 

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