Wednesday, 12th January 2005 (2690 views)

There have been further delays in the current take over bid for mining company Gold Fields by rival Harmony.

The Competition Commission announced on Tuesday that it could not scrutinise the deal as the information it had received was incomplete.

This could mean further delays to Gold Field shareholders, their offer from Harmony closing three weeks after a ruling on the takeover by the Competition Tribunal. The delay could see them wait till April.

Harmony is seeking to merge with rival Gold Fields to create the world's largest gold mining company. It is offering its shareholders 1.275 Harmony shares for every Gold Fields security.

The Competition Commission said the application had been considered incomplete because Gold Fields had failed to provide proof that it had notified trade unions of a possible merger between the two companies.

Talks of an amicable alternative to the hostile take over seem to have been quashed, with Harmony CEO denouncing the conditions set by Gold Fields.

"For Gold Fields to lay down conditions is nothing short of hilarious," said Bernard Swanepoel.

 

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