Re: Harmony-GFI Ãœbernahme?!

verfasst von Emerald, 18.10.2004, 07:55

-->
Harmony/Goldfields/Norilsk


The Financial Times

October 17, 2004

Lex: Norilsk/Gold Fields





The hunter is being hunted. When Norilsk Nickel first acquired a 20 per cent stake in South Africa's Gold Fields in March, the latter hoped this would enhance its international clout. More specifically, the South African company hoped the partnership would give it a crack at Norilsk's valuable Russian gold assets.

Now, however, Gold Fields' assets are under attack. Norilsk is backing a takeover of Gold Fields by fellow South African group Harmony. This is intended to derail Gold Fields' separate proposed merger with Canada's Iamgold. It may even let the Russians take control of Gold Fields' international activities, further down the road.

From Norilsk's point of view, the move is canny. Russia's largest mining group has a business imperative to diversify away from nickel and platinum. It also has a burning political incentive to widen its geographical base. Vladimir Potanin, Norilsk's largest shareholder, suffers an uneasy relationship with Russian president Vladimir Putin. The Kremlin would probably block any sale of Norilsk assets to non-Russians. Amid the turmoil surrounding Yukos, Mr Potanin, like all Russian oligarchs, has every motive to spread his wings.

Moreover, teaming up with Harmony resolves a practical problem namely that Norilsk lacks enough cash to buy Gold Fields directly, and is barred by law from bidding with shares. Since Harmony is focused exclusively on South Africa, there is also a synergy of interests. Norilsk appears to want to carve out Gold Fields' international operations. It may then use this for an international listing.

There is no guarantee that Norilsk can actually achieve these dreams. However, the lesson is clear: amid all the excitement about western companies buying Russian assets, some Russian businessmen now have the desire and ability to move the other way. Few deals have occurred so far. But western businesses ignore the trend at their peril. Just ask officials at Chelsea Football Club - or the besieged executives of Gold Fields.


http://www.nytimes.com/financialtim...l?pagewanted=print&position=

Thread gesperrt

 

gesamter Thread:

• Harmony-GFI Ãœbernahme?! - spieler, 17.10.2004, 23:43
  • Bist du der"Spieler0815" aus dem Goldseiten-Forum? - Prosciutto, 18.10.2004, 00:45
    • WAS ist daran seltsam? Darf ich den Artikel nur einmal posten? - spieler, 18.10.2004, 10:51
  • Re: Harmony-GFI Ãœbernahme?! - Emerald, 18.10.2004, 06:32
  • Re: Harmony-GFI Ãœbernahme?! - Emerald, 18.10.2004, 07:55