Gold Fields To Buy Off Its Shares

South African Gold Fields, the world's number 4 gold producer, is likely to offer to buy out main shareholder Russia?s metals giant Norilsk Nickel to prevent Harmony Gold Mining Co. from a $6.7 billion hostile takeover bid.

Norilsk Nickel agreed to sell its 20 percent stake to Harmony unless another bidder made an offer worth 15 percent more. Gold Fields would sell its Tarkwa gold mine in Ghana and a platinum deposit in Finland to finance the purchase, according to unknown source.

Gold Fields shares rose 13 percent between the acquisition and the Oct. 18 offer, giving the Russian company a book gain of $150 million. Norilsk Nickel confirmed Tuesday it's still backing Harmony's bid.

Gold Fields spokesman Willie Jacobsz and Norilsk spokeswoman Elena Scherbinina declined to comment. Jacobsz said selling its international assets is an option for Gold Fields, declining to comment further.