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Harmony’s bid for Gold Fields
Oct 20th 2004
From Economist.com
CECIL RHODES, founder of Gold Fields, one of South Africa’s oldest mining companies, must be turning in his grave. On Monday October 18th Harmony, the country’s largest producer of gold, confirmed rumours that it was offering 1.275 of its own shares for every one of Gold Fields’. If accepted by Gold Fields’ shareholders, the deal would create the world’s largest producer of gold with an output of 7.5m ounces a year.
In making an initial bid for 34.9% of Gold Fields, which the company has rejected, Harmony is also doing more than shaking up the mining establishment in Johannesburg. By teaming up with Norilsk, a Russian mining company which already owns 20% of Gold Fields, Harmony has set off a chain reaction that is sending ripples throughout the mining world.
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