Gold Fields is going to extremes in an attempt to prevent Harmony from realizing the takeover
Gold Fields is going to extremes in an attempt to prevent Harmony from realizing the takeover. It declared that it had found that Harmony acted in concert with Russian metal giant Norilsk Nickel on its takeover bid.
The claim could hurt Harmony amid signs that its unsolicited offer to the bigger company's shareholders is gaining traction.
Harmony is expected to ask a New York judge today to disqualify the bid-target company's lawyers from a key court case scheduled to begin on Wednesday.
Gold Fields yesterday released to journalists a confidential presentation by HSBC, Harmony's bankers, outlining a scenario for the takeover of Gold Fields.
Dated August 2004, the document proposes that "H forms a 'concert party' with N to bid for G," in reference to Harmony, Norilsk and Gold Fields.
Controversially, the document then posits that Harmony and Norilsk create "a new international gold company" from the three company's assets, which would be "listed as a new 'major' in North America".
