Gold Fields rules out talks with rival Harmony on takeover bid

0 Comments | AFP, December, 2004

JOHANNESBURG (AFP) — South African mining giant Gold Fields rejected outright any talks with rival Harmony which has launched a hostile takeover bid to create the world's number one gold producer.

"We don't consider this offer to be the basis for serious discussion. The Harmony offer remains woefully short on value," Gold Fields chief executive officer Ian Cockerill said in a statement.

He added: "We believe Harmony cannot complete this ill-conceived offer, so it's hardly surprising that they so desperately want to talk."

Harmony, the number six gold miner in the world, launched an ambitious bid to take over Gold Fields, the number four gold miner, on October 18.

Harmony offered 1.275 of its own shares for each Gold Fields share, a 29 percent premium...