Fresh Harmony-Gold Fields talks

Fresh Harmony-Gold Fields talks 'unlikely to end stalemate'

By John Fraser

Fresh talks are likely between Harmony and Gold Fields next week, in a bid to resolve the stalemate between the two companies in the wake of Harmony's hostile bid for Gold Fields in October.

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Fri Feb 25, 2005 10:11 AM ET
JOHANNESBURG, Feb 25 (Reuters) - The head of South Africa's Harmony Gold (HARJ.J) said on Friday the board would need to decide whether to press on with its takeover bid for Gold Fields (GFIJ.J) after the Competition Tribunal set May hearings dates that will have a negative impact on the bid.
"Certainly as a board of Harmony we will have to consider whether it still makes sense for us to continue with the offer," Chief Executive Bernard Swanepoel told Reuters.

The watchdog body earlier on Friday set hearings for May 3-6, but this would allow Russia's Norilsk Nickel (GMKN.RTS) to abandon an irrevocable agreement expiring on May 20 to tender its 20 percent stake, he added.

"Our offer needs to be open a minimum of 21 days (after competition approval), which takes us past the day when Norilsk could walk away from the irrevocable if they wanted to," Swanepoel said.

Harmony would ask Norilsk to extend the agreement, he added.  

Harmony up on post-bid rocket, rand

By Justin Brown
Shares in South Africa's third largest gold miner Harmony Gold (HAR) soared 13.9% in what traders called a post-bid rocket, with the market also eyeing the group's 11.5% stake in rival Gold Fields (GFI), as well as the weak rand.

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