-->
keine Harmony kaufen, weil sie noch billiger werden.

Beui Goldfield Uebernahme nicht abwarten, sonder gleich verkaufen, weil
Harmony im Kurs fallen, meint:

Emerald.

-->Harmony details takeover bid
18/10/2004 09:38 - (SA)

Johannesburg - Gold miner Harmony on Monday detailed a proposal to take over the entire share capital of Gold Fields in a deal that values Gold Fields at R52.9bn.
Harmony's offer to create the world's largest gold minig group comes at a 29% premium.

Harmony said in a statement it proposed to acquire the entire issued share capital of Gold Fields in exchange for the issue of new shares in Harmony to Gold Fields shareholders.

In terms of the offer, Harmony is offering 1.275 Harmony shares for each Gold Fields share and for each Gold Fields ADS.

The offer values Gold Fields at R52.9bn or $8.1bn based on the closing price of R84.41 per Harmony share on the JSE Securities Exchange South Africa on October 14.

Harmony said it has conveyed the terms of the proposed merger to the board of Gold Fields and is hopeful that the directors of Gold Fields will recommend the proposed merger.

Harmony's hostile takeover bid comes in the wake of Gold Fields' proposed transaction with Canada's Iamgold.

Harmony said it considers the proposed transaction between Gold Fields and Iamgold to be contrary to the best interests of Gold Fields shareholders.

"We believe that Gold Fields shareholders should be afforded the opportunity to decide on the merits of the proposed merger at the earliest opportunity," Harmony said.

"This transaction represents tremendous opportunities for stakeholders of both companies," said Bernard Swanepoel, Harmony's chief executive, in a statement.