Harmony's bid for Gold Fields may be postponed after its key shareholder and supporter in the bid Norilsk Nickel...
Harmony?s hostile bid for Gold Fields may be postponed after its key shareholder and supporter in the bid Norilsk Nickel gave its backing to Gold Fields bosses at the company's annual general meeting yesterday.
Norilsk Nickel, Russian metals giant, which owns a 20% stake in Gold Fields, has signed an irrevocable undertaking that it will support Harmony's bid and that it will vote against the planned merger of Gold Fields' international mining assets with those of Canada's IAMGOLD. However, the undertaking provides Norilsk an opt-out if a better offer than Harmony 's comes along.
Independent Johannesburg lawyer Emile
Myburgh said "the letter is only a commitment regarding Harmony's current offer. It does not rule out another bidder putting in a superior offer to Gold Fields than Harmony's?.
At yesterday's meeting, Norilsk is understood to have voted in favour of the reappointment of four Gold Fields nonexecutive directors, including chairman Chris Thompson and Mvelaphanda's Tokyo Sexwale, who are crucial in fighting off Harmony's bid.
