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Friday, 14th January 2005 (4396 views)

Gold Fields has revealed that Harmony Gold's hostile bid for the firm has so far cost shareholders about R180 million.<br/><br/>Gold Fields spokesman Willie Jacobsz explained that this included $9 million for each of its two advisers, JP Morgan and Goldman Sachs, and around $30 million in legal fees and other expenses such as advertising, printing and communications.<br/><br/>Meanwhile, Harmony's marketing director, Ferdi Dippenaar, said he was unable to publish specific fees for Harmony's four advisors - HSBC, Investec, Merrill Lynch and Morgan Stanley - due to "client confidentiality".<br/><br/>However, he added that more detailed figures concerning fee structures would be released with the firm's second-quarter results later this month.<br/><br/>While Mr Dippenaar admitted the legal bill would be "huge" and higher than anticipated it was unlikely to exceed $4 million.<br/><br/>Further losses on the market capitalisations of these two companies will also be incurred.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=7565283"/>

 

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