Friday, 21st January 2005 (3096 views)

Patrice Motsepe, the chairman of African Rainbow Minerals (ARM), yesterday said that he "fully supported" Harmony's efforts in bidding for Gold Fields, but would not support a higher offer.

ARM is Harmony's largest shareholder, with a shareholding of around 20 per cent.

Mr Motsepe explained: "As ARM, we don't have a history of overpaying. The ARM view is that the premium was extremely generous."

Harmony calculated that its offer of 1.275 shares for every Gold Field share on October 18th last year was at a 29 per cent premium, although Gold Fields put the figure closer to nine per cent.

Mr Motsepe claimed there had been "agreement on everything" but price.

 

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