Monday, 29th November 2004 (3064 views)

Harmony Gold Mining, which is in the process of trying to acquire Gold Fields for $6.7 billion, has taken 10.8 per cent of its rival in the first stage of its two-part takeover.

The deal would create the world's biggest gold miner and Harmony had offered to buy as much as 34.9 per cent of Gold Fields by November 26 and then obtain more later on.

"We're happy with the level of acceptances, despite the uncertainty created by Gold Fields' legal challenges,' Ferdi Dippenaar, Harmony's marketing director, told Bloomberg.

The takeover would see a gold producer created that would have 7.5 million ounces of annual output, mines in Australia, Ghana, South Africa, Peru and Papua New Guinea and 86,000 employees.

According to the marketing director, Harmony's second stage offer will take place later this week, on the same terms as the initial bid.

 

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