Harmony Gold Mining / HMY (NYSE), HAR (SA) und Gold Fields / GFI

Business Day vom 18.10.04

Norilsk backs Harmony in Gold Fields deal
==================================

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By Justin Brown

World's sixth largest gold producer Harmony Gold (HAR) has received a sound, irrevocable commitment of

support from Russia's Norilsk Nickel for Harmony's proposed merger

with Gold Fields (GFI), Harmony Chief Executive Bernard Swanepoel said on Monday.

Norilsk Nickel has a 20% stake in Gold Fields.

Swanepoel also announced one of the conditions for its proposed

acquisition of Gold Fields was that the proposed deal between Gold

Fields and Canada's IAMGold be stopped.

Gold Fields and IAMGold are currently in the process of merging Gold

Fields' international mining assets with IAMGold's gold mining assets.

Swanepoel said that Harmony's offer announced on Monday morning,

would see Gold Fields' Shareholders receive an immediate premium on

their shares while in the case of the IAMGold deal, Gold Fields'

international mining assets would be sold to IAMGold at a substantial
discount.

If the proposed offer to Gold Fields' shareholders is successful, this

would create the world's largest gold producer by production.

I-Net Bridge

Schöne Sch....
Wann wird sich Harmony davon wieder erholen ??
Kuddel----------------------------------------------------------------------------------------

Auszug aus "BUSINESS DAY" vom 18.10.2004:

Harmony, Gold Fields catch market's eye

By Alison Maltz

The JSE Securities Exchange South Africa (JSE) was in the red in noon trade on Monday led down by gold miner Harmony (HAR) as the market reacted to its proposed takeover of rival Gold Fields - which led the market's upside. Excluding activity in these two stocks, volumes were extremely light.

At 12h05, the all share index was 0.51% weaker. The financial and banks indices had fallen 0.75% and 0.7% respectively. Resources had retreated 0.98%, the gold mining index was off 0.56% and the platinum mining index was 0.28% softer. The all share industrial index was 0.17% in the black.

The rand was quoted at 6.40 per dollar from 6.45 when the JSE closed on Friday, while gold was quoted at US$418.85 an ounce from $419/oz at the JSE's last close.

"Excluding Gold Fields and Harmony, the market is very quiet. That is where most of the money is going through," a dealer said. "We are also seeing quite good business in Telkom - its trading update this morning was quite positive.

He added that the Harmony-Gold Fields story was detracting attention from the rest of the market, which was drifting lower. Weaker world markets and a stronger rand were both weighing on the market overall.

In morning trade, Harmony (HAR) dived 7.54% or 6.30 rand to 77.20 rand, but Gold Fields (GFI) gained 4.23% or 3.98 rand to 98 rand.

Harmony on Monday launched a bid for Gold Fields, in terms of which it is offering 1.275 Harmony shares for each Gold Fields share and for each Gold Fields ADS. The offer values Gold Fields at 52.9 billion rand or $8.1 billion based on the closing price of 84.41 rand per Harmony share on the JSE Securities Exchange South Africa on October 14 and represents a premium of approximately 29% on the closing price.

"I think it is a bit like David taking a slingshot at Goliath," another dealer said. "It is going to be tough for Harmony to persuade Gold Fields shareholders, particularly because a significant proportion of them are offshore. Broad opinion is that the takeover might not go through, but it is still early days."

He added that Harmony shares had been sold off on Monday morning because of the deal's potential dilutionary effect.
................................................................................................
I-Net Bridge

Der Goldbugs-Führerschein.
======================

Theoretische Prüfung, Frage 1:
-----------------------------------------

Ordnen Sie jeder Figur ein Signum zu: HAR, GFI, IMG

[Blockierte Grafik: http://prague.tv/galleries/funny-pics4/tarzan.jpg]

(Nur echt mit dem SIEGEL!)

Gold Fields rejects $8bn offer from Harmony
By Susie Mesure
19 October 2004

Gold Fields, the South African gold producer, yesterday spurned a surprise US$8bn (£4.4bn) takeover bid from its smaller rival Harmony, setting the stage for a potential bidding battle.

Although merging with Harmony would create the world's biggest gold company, Gold Fields said the all-share approach undervalued its assets, reiterating its intention to press ahead with a planned tie-up with Canada's Iamgold.

But Gold Fields' attempt to merge its international assets with those of Iamgold could run into trouble after its biggest shareholder, Russia's Norilsk Nickel, threw its weight behind Harmony's proposal. The metals company's chief executive, Mikhail Prokhorov, said: "Norilsk Nickel has decided to vote its shares in Gold Fields against the Iamgold transaction and in favour of the Harmony proposal." Investors are due to vote on the Iamgold proposal in December.

Gold Fields said Harmony's offer "completely disregards the significant value that will be created from the Iamgold transaction". In a direct appeal to Vladimir Potanin, the Russian oligarch who controls Norilsk, Gold Fields urged shareholders to back its stated strategy of pursuing the Iamgold deal.

Mr Potanin, who took a 20 per cent stake in Gold Fields in March, is understood to have been upset at not being properly consulted over the Iamgold tie-up. If the deal with Iamgold goes ahead, Norilsk's stake in Gold Fields' international operations will be diluted under plans to list the overseas business separately in a new company to be 30 per cent owned by Iamgold.

Harmony has offered 1.275 new shares for each share in its larger rival. It said the offer valued Gold Fields at $8.1bn and represented a premium of 29 per cent. Bernard Swanepoel, Harmony's chief executive, said: "The immediate premium in our offer represents tangible value that can be realised today, rather than betting on a dubious re-rating scenario which is the foundation of the Iamgold transaction. Our proposal allows Gold Fields shareholders to realise the true value of the companies' international and domestic assets."

Ian Cockerill, Gold Fields' chief executive, countered by asking why his investors should consider backing a loss-making company. Gold Fields attacked Harmony for "vastly" overvaluing its asset contribution to any potential partnership and said Harmony's cost of production had "significantly lagged" its own over the past year.

Harmony's offer hinges on Gold Fields dropping its plans to merge with Iamgold. A successful bid would create a company controlling the world's biggest bank of gold reserves, producing 7.53 million ounces a year.

Gold Fields last night justified its "firm" belief in its proposed Iamgold deal on the grounds that it would create an international platform for "aggressive growth with full access to international debt and capital markets". But analysts said Harmony's offer looked more attractive to Gold Fields shareholders than a partial merger with Iamgold.
18 October 2004 22:01

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Printable Story

South African gold groups poised for merger

Russian oligarch said to be driving force behind complex negotiations to create a leading global producer

Paul Murphy and Nick Fletcher
Monday October 18, 2004
The Guardian

A major re-ordering of South Africa's gold mining industry is expected to get under way today with Gold Fields of South Africa poised to announce a multi-billion dollar merger with one of its big Johannesburg-based rivals, most likely Harmony Gold. The move could create the world's largest producer of the precious metal.
Amid what one financier described as "knife edge discussions", Gold Fields appears to have been pushed into a deal by Norilsk Nickel, the Russian metals group controlled by the oligarch Vladimir Potanin, which took a 20% stake in Gold Fields in the spring.

Mr Potanin, who heads the world's largest producer of nickel and palladium, is said to have been furious with a recently announced move by Gold Fields to merge its international resources, including mines in Ghana and Australia, with Iamgold, a Canadian producer with a string of gold mining assets across West Africa, in a £1bn deal.

Norilsk is thought to have had ambitions to merge its international assets with Gold Fields, but was not fully consulted on the Iamgold plan, despite the fact that the Russian and South African companies were supposed to be cooperating on international ventures.

Mr Potanin is seen as one of the Russian oligarchs vulnerable in President Putin's crackdown on Russia's controversial business elite.

A merger of sorts with Gold Fields would have offered one way of moving Norilsk's assets out of Mr Putin's reach. There was a flurry of speculation over the weekend that Norilsk was about to launch a takeover bid for Gold Fields.

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In the event, Mr Potanin is believed to have sanctioned a plan whereby new management would be brought in to Gold Fields through a merger with either Harmony or its South African rival AngloGold, an associate company of Anglo American.

Under this arrangement his stake in Gold Fields, which he bought from Anglo American, would be diluted to perhaps 10%.

Investment banking sources said last night they believed Harmony was the most likely partner, although they cautioned that the proposed deal was complex and had numerous conditions attached.

It would be the latest example of consolidation in the industry. Last year AngloGold merged with Ghana's Ashanti to create AngloGold Ashanti, the world's largest gold company, while a Gold Fields/Iamgold deal would have created the number seven producer.

Harmony is South Africa's largest domestic producer and number five in the world. Last year it merged with ARMgold in what was seen as a significant example of black empowerment. ARMgold's Patrice Motsepe became non-executive chairman of the joint company.

Despite the relative strength of the gold price, South Africa's big mining groups have been squeezed by the appreciation of the rand, which has driven up their local cost base.

The result has been the loss of thousands of jobs across famous mining areas such as the Free State province, while companies such as Harmony and Gold Fields have increasingly concentrated their attention on developing assets elsewhere in the world.

Outside its South African base, Gold Fields has operations in Ghana and Australia, and is at an advanced stage in prospecting for gold in Peru and platinum in Finland.

In the biggest example of inward investment in South Africa, Norilsk paid £640m for its stake in Gold Fields in April. The two companies indicated at the time that they would seek to cooperate in developing new resources around the world.

Harmony has links with Russia. It held a 31% stake in London-listed Highland Gold, Russia's third largest producer, until it sold the shares last year for a £47m profit, double its original investment.

While competition authorities have demonstrated their unease at the pace of consolidation in the metals sector generally - the EU blocked the merger of Lonrho's and Gencor's platinum assets - the situation is said to be more relaxed in the case of gold.

That metal has fewer industrial uses than others and in any case the world's central banks are still sitting on vast supplies which would easily meet any likely growth in demand.

In 2000, Gold Fields tried to merge with its then Canadian rival Franco Nevada. The deal was blocked by the South African authorities which feared that Gold Fields would abandon Johannesburg as its home.

Since then, the South African government has become relaxed as a string of the country's largest enterprises, including Billiton (now BHP Billiton) and South African Breweries (now SABMiller) have migrated to London as they sought to build their international

Wie wird es weitergehen mit Gold Fields ?

Gold Fields to Harmony
By: Barry Sergeant
Posted: '17-OCT-04 17:00' GMT © Mineweb 1997-2004

JOHANNESBURG (Mineweb.com) -- According to those familiar with the proposed transaction, Harmony Gold is to mount a full bid for Gold Fields, in further consolidation of a decade-old trend in the resources sector. The merged company, which would overhaul the US’s Newmont as the world’s No 1 producer by output, would enjoy a market value of some $11 billion.

On Sunday, Harmony director Ferdi Dippenaar said that he had “no comment” on speculation that Harmony would formally announce its bid on Monday. But according to reliable sources close to the proposed transaction, Harmony had formally notified Gold Fields that the bid was coming and that Russia's Norilsk Nickel, which owns 20% of Gold Fields has given its irrevocable agreement to accept Harmony's offer.

On Wednesday October 13, Moneyweb reported that market speculation had it that Gold Fields was in play, and that 20% shareholder, Russia’s Norilsk Nickel, was thought to have been increasing the stake in Gold Fields that it acquired from Anglo American earlier this year. Gold Fields declined comment on that talk, and also declined to discuss market intelligence holding that Gold Fields had appointed Goldman Sachs, the Wall Street investment bank, to formulate a defensive strategy to counter a potentially hostile bid by Norilsk Nickel.

Now, the defence strategy seems to have been ill conceived as Norilsk is part of the deal. It appears that, as part of the deal, Norilsk may take Gold Fields's assets outside South Africa, including the platinum prospect in Finland.

On Friday, Gold Fields surged more than 8% on the New York Stock Exchange, far outperforming other gold stocks. Friday’s closing price for Gold Fields was at $14.94 a share, within spitting distance of 12-month, and multi-decade, highs. A Norilsk spokesman was reported as having said on Friday that the company was considering “a number of options.”

For some time, Norilsk has been known to have ambitions to become a major London-listed resources stock, principally by extending its interests in precious metals. Norilsk’s vast operations in Siberia produce primarily nickel, but some of its by-products rate as world class. The combine produces more palladium than the rest of the world put together, and around 1-m ounces of platinum a year, among other material features.

However, Norilsk remains constricted by tough Russian regulations, and the general concern over Russian companies after Moscow’s crackdown on Yukos, Russia’s biggest oil producer. For Harmony and Gold Fields, the regulatory environment is far friendlier. Both companies hold primary listings on the JSE Securities Exchange. Exchange control authorities in Pretoria can have little, if any, objection to a merger of the South African assets of Harmony and Gold Fields.

Harmony has a well-established reputation of being able to sweat profits from marginal South African operations, and its paper is well accepted in global resources markets. Following merger with Gold Fields, Harmony would then also hold stewardship of some of the finest domestic gold assets, in Driefontein, Kloof and Beatrix.

Harmony and Gold Fields are, moreover, both well advanced along the curve of black economic empowerment (BEE) initiatives in South Africa. Harmony Gold has concluded a string of deals, in the main with Patrice Motsepe’s ARMGold. The principal partner for Gold Fields is Tokyo Sexwale’s Mvelaphanda Resources, which staged a highly successful global road show earlier this year. It is thought unlikely that Sexwale will not have backed the Harmony move against Gold Fields.

A merged Harmony-Gold Fields would create a world leader with leading South African empowerment names, and would certainly receive the political go-ahead, so long as the primary listing remains in Johannesburg. Motsepe is a major supporter of the ruling ANC and Sexwale is a long-term member of the governing party.

Gold Fields’s existing proposal to merge its substantial non-South African mining operations into Toronto-listed IAMGold has met with severe political objections on the domestic front, and is virtually certain to be abandoned when the mooted merger with Harmony goes ahead.

Although the merged company would boast a market value of $14 billion (based on Friday’s closing prices), it would be some way off Newmont’s $20 billion market value. AngloGold Ashanti, the pan-African gold digger listed primarily in Johannesburg, enjoys a market value of $10 billion; Toronto-based and -listed Barrick is worth $11 billion, based on current market prices. Placer Dome, another major gold producer based in Canada, is valued at $8 billion.

Might another bidder enter the fray? Not likely with Norilsk now at the party. AngloGold is known to have been less than pleased with parent Anglo American’s decision to sell the 20% Gold Fields shareholding to the Russians. But any ambitions it might have had will have been scuppered by the Harmony move.

Hoffentlich verhebt sich Harmony dabei nicht !
Kuddel-----------------------------------------------------------------

Aus "DIE WELT" vom 19.10.2004

Goldminenbetreiber im Fusionsfieber

Harmony Gold Mining gibt feindliches Übernahme-Angebot für südafrikanischen Konkurrenten Gold Fields ab
London - In Südafrika soll der weltgrößte Goldproduzent entstehen: Harmony Gold Mining hat für 52,9 Mrd. Rand (6,61 Mrd. Euro) in Aktien ein feindliches Übernahmeangebot für den Wettbewerber Gold Fields abgegeben. Zusammen kommen die Goldproduzenten auf eine Jahresproduktion von etwa 7,8 Mio. Unzen. Damit wären sie größer als Newmont Mining aus Denver in den USA.

Eine Übernahme würde die Pläne von Gold Fields zunichte machen, die kanadische Iamgold in einem Aktientausch im Wert von 2,1 Mrd. Dollar zu kaufen. Diese Transaktion, die im August bekanntgegeben wurde, sei nicht im besten Interesse der Aktionäre von Gold Fields, da sie die Aktiva von Gold Fields außerhalb Südafrikas unterbewerte, sagte Bernard Swanepoel, Vorstandsvorsitzender von Harmony, bei einer Präsentation in Johannesburg.

Harmony will einen Aufschlag von 29 Prozent für Gold Fields, ein Unternehmen, das doppelt so groß ist wie Harmony, bieten.Das Übernahmegebot hat zudem die Unterstützung von OAO GMK Norilsk Nickel. Der größte russische Bergbaukonzern hält 20 Prozent an Gold Fields und ist damit größter Aktionär. Die südafrikanischen Wettbewerbshüter müßten der Übernahme zustimmen.

Seit Ende 2001 ist der Goldpreis etwa 50 Prozent gestiegen, aber im selben Zeitraum hat der Rand gegenüber dem Dollar 87 Prozent an Wert gewonnen. Das nagte am Gewinn der Goldproduzenten, da sie meist Kosten in lokaler Währung zahlen und das Edelmetall in Dollar verkaufen. Harmony verzeichnete vier Quartalsverluste in Folge.

Durch die Übernahme würde der Vorsteuer-Betriebsgewinn um etwa eine Mrd. Rand im Jahr steigen, hieß es bei Harmony. Außerdem wären Kosteneinsparungen durch die Streichung von Stellen im Verwaltungsapparat und die gemeinsame Nutzung von Ausrüstung und Infrastruktur möglich. Das Gemeinschaftsunternehmen würde etwa 86 000 Mitarbeiter beschäftigen und Minen in Südafrika, Australien, Ghana sowie ein Projekt in Peru betreiben. "Die meisten Synergien werden in Johannesburg und in regionalen Büros anfallen", meint Harmony-Chef Swanepoel.

Swanepoel übernahm 1995 das Ruder bei Harmony. Damals stand die Gesellschaft am Rande des Bankrotts, heute ist Harmony einer der am schnellsten wachsenden Goldproduzenten. Swanepoel kaufte Minen, die größere Konkurrenten nicht wollten und erwarb Wettbewerber wie African Rainbow Minerals Gold. "Harmony hat einen ausgezeichneten Ruf, unprofitable Minen auf Vordermann zu bringen", sagte Alfred Wong, Fondsmanager bei UOB Asset Management in Singapur.

Zur Finanzierung der Übernahme - Harmony biete 1,275 eigene Aktien für je eine Aktie von Gold Fields - will Harmony 627 Mio. neue Aktien ausgeben. Das ist fast das Doppelte der derzeit in Umlauf befindlichen Aktien. Die Aktionäre von Gold Fields wären mit zwei Dritteln am Gemeinschaftsunternehmen beteiligt. Harmony würde es führen. Gold Fields hat Goldman Sachs International und JP Morgan mit der Bewertung des Übernahmeangebots beauftragt.
Bloomberg

Also ein 'feindlicher' Übernahmeversuch. Das wird dauern.
Das wird dem Kurs von Harmony wohl leider nicht gut bekommen.
Kuddel.

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Aus "BUSINESS DAY" vom 19.10.2004

Gold Fields flatly rejects Harmony's bid

Gold Fields' directors were summoned to a crisis board meeting yesterday as the company prepared to repel a hostile take-over bid by rival Harmony Gold.
Harmony yesterday officially launched an offer to acquire all of Gold Fields' shares in a deal worth R52,9bn, swapping them for Harmony shares, an offer Gold Fields regards as "grossly inadequate".

Under the Harmony offer, Gold Fields shareholders will get 1,275 Harmony shares for every Gold Fields share, which represents a 29% premium to the 30 business day volume-weighted average up to Thursday last week.

However, Gold Fields CE Ian Cockerill said if the closing prices of both companies in New York on Friday were used, the premium would be just 7%.

Harmony CE Bernard Swanepoel said there would be important synergies in the proposed merger. He said Harmony could cut costs at Gold Fields' South African operations 15% a year by closing the head office, procurement initiatives and by introducing more efficient mining methods.

If the deal goes through it will create the world's largest gold producer and the sixth-largest company on the SE Securities Exchange SA, perched between Sasol and Standard Bank.

An early indication that Gold Fields had a fight on its hands came with the announcement by Harmony that it had won the backing of Norlisk of Russia, which owns 20% of Gold Fields.

Gold Fields said yesterday that it had appointed Goldman Sachs and JP Morgan to advise on the deal.

London-based analysts Numis said yesterday the Harmony offer might trigger a bidding war for Gold Fields. "The attempt to secure a quick knockout may be directed to ensure that there is no response from other parties potentially interested in Gold Fields," said analysts Simon Beardsmore and John Meyer.

"The existing top three producers in the world, Newmont, Anglogold and Barrick may not necessarily welcome an enlarged Harmony leap-frogging them. We can not rule out a response from one or more of them to protect their position."

Cockerill was in fighting spirit yesterday when he attacked the Harmony offer. He rejected Harmony's main criticism of Gold Fields' current strategy a claim that the planned reverse listing of Gold Fields' non-Southern African Development Community assets into Iamgold of Canada was flawed, and would destroy shareholder value.

If the reverse listing were to go through, Iamgold would be renamed Gold Fields International, and would be run by Gold Fields chairman and former CE Chris Thompson. "This transaction will provide Gold Fields with an international platform for aggressive growth, and with full access to the international capital markets," said Cockerill.

"For Gold Fields shareholders, it will unlock the intrinsic value of our international assets, and provides control over a global growth vehicle firmly in South African hands.

"We will prevail (in resisting the Harmony take-over) because the proposal that has been put forward does not work in the interests of our shareholders.

"Big is not necessarily better."

He suggested Harmony was pursuing the deal to upgrade its own asset base, and said that in the last reported quarter Gold Fields had made an operating profit of R545m, compared to Harmony's operating loss of R254m.

"People need to think very carefully about swapping Gold Fields paper for Harmony paper," he said .

Meanwhile, Solidarity trade union criticised the Harmony bid. "Up to 7000 Gold Fields workers can lose their work if Harmony gets control of Gold Fields."

Business Day

So geht's weiter !
Kuddel.
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Aus "BUSINESS DAY" vom 19.10.2004

'Bidding war may emerge for Gold Fields'
The hostile bid for world number four gold miner Gold Fields (GFI) by world number six gold miner Harmony Gold (HAR) may spark a bidding war for Gold Fields, London-based analysts for Numis Securities wrote in a note.

Harmony's all-share offer, which is at a 29% premium to Gold Fields share's recent trading price, may be an effort to deliver a knockout blow without having to provide a cash element to shareholders, Numis said.

"We note, however, that last year's production at Harmony of 3.3 million troy ounces at a cash cost of US$360/oz was a significantly higher cost than the 4.2 million oz produced by Gold Fields at a cost of $302/oz.
"Existing shareholders of Gold Fields may question whether becoming part of an enlarged Harmony dilutes the quality of their assets," the analysts wrote.

"The attempt to secure a quick knockout may be directed to ensure that there is no response from other parties potentially interested in Gold Fields," Numis added.

The existing top three gold producers in the world, US producer Newmont, African miner AngloGold Ashanti (ANG) and Canada's Barrick may not necessarily welcome an enlarged Harmony leaping ahead of them, the broker said.

"We would not rule out a response from one or more of them to protect their position," Numis added.

Earlier on Monday, Russia's Norilsk Nickel said it would back Harmony's proposed hostile takeover of Gold Fields and would vote against a transaction between Gold Fields and Canadian gold miner IAMGOLD.

"This may only be a step in Norilsk Nickel's strategy. For example, as an existing nickel and platinum group metals producer, they could be interested in Gold Fields' Arctic Platinum project in Finland or possibly in the international gold producing assets Gold Fields is proposing to include in the merger with IAMGOLD," the analysts said.

Earlier in 2004, Norilsk bought Anglo American's (Anglo, AGL) 20% stake in Gold Fields for about US$1.2 billion.

"Gold Fields now looks to be 'in-play'. We suspect that many Gold Fields shareholders may be holding on to their shares in order to maintain exposure to any alternative offer which may emerge," Numis said.

I-Net Bridge

Tuesday, October 19, 2004. Page 5.

Norilsk Puts Gold Fields in Play

By Guy Faulconbridge
Staff Writer Norilsk Nickel shook up the gold world Monday, backing a hostile takeover bid by one South African company for another that could give it a stake in the world's largest producer of the precious metal.

Norilsk Nickel, controlled by billionaires Vladimir Potanin and Mikhail Prokhorov, said it supported Harmony Gold Mining's hostile bid for Gold Fields, a bigger rival in which Norilsk owns a 20 percent stake, making it the biggest shareholder.

Harmony on Monday offered to swap 626.9 million new shares for all of Gold Fields. If supported, the issue would give Norilsk 13.3 percent of the new enterprise, a stake that would be worth about $1.6 billion based on the implied market value of both companies.

Norilsk, Russia's largest gold miner and the world's top producer of nickel and palladium bought a 20 percent stake in Gold Fields from Anglo American in March for the equivalent of $1.17 billion, the biggest foreign acquisition ever by a Russian company.

Norilsk has been acquiring gold miners at home and abroad in the last several months, prompting speculation that the company may try to consolidate its gold assets into a single company and then swap those assets for a bigger stake in a major leader. Norilsk's gold assets in Russia are worth $2.4 billion, according to investment bank Brunswick UBS.

Analysts said Norilsk's management backed Harmony's bid because it was unhappy with Gold Fields' plans, announced in August, to buy Canada's Iamgold. South African regulations would have made it hard for Norilsk to merge its gold assets with Gold Fields' and keep a controlling stake in the new company, Brunswick UBS said in a research report.

From Norilsk's point of view, Harmony's hostile bid gives it a chance to get out of that situation, said Rob Edwards, director of mining research at Renaissance Capital in Moscow. "This is good news for [Norilsk] but [its] gold strategy does seems a little loose."

"After analyzing the transaction between Gold Fields and Iamgold ... and the Harmony proposal, Norilsk Nickel has decided to vote its shares in Gold Fields against the Iamgold transaction and in favor of the Harmony proposal," Prokhorov said in a statement.

If Harmony succeeds, the new company would surpass Denver-based Newmont Mining as the biggest gold company in the world with production of 7.5 million ounces per year.

Shareholders of both companies have to approve the bid for it to succeed.

For Harmony's takeover to succeed, it will require the support of Gold Field's shareholders as well as its own. The proposal would almost triple the number of Harmony shares currently in circulation.

ein Satz aus dem vorhergehenden Artikel:

"The attempt to secure a quick knockout may be directed to ensure that

there is no response from other parties potentially interested in Gold

Fields," Numis added.

Zitat

Original von gogh
ein Satz aus dem vorhergehenden Artikel:

"The attempt to secure a quick knockout may be directed to ensure that

there is no response from other parties potentially interested in Gold

Fields," Numis added.

Alles anzeigen

Mit anderen Worten: Harmony will das Ding schnell in trockene Tücher kriegen, damit es nicht zu einer Übernahmeschlacht um Gold Fields kommt - was erheblich mehr als 29 % Aufschlag für die Aktionäre von GFI bringen würde.
Wie war das noch damals mit Newmont, AngloGold und dem Kampf um Normandy Mining?

Grüße

extrel

Die Zahl 29% wurde genannt. Aber wenn man nachrechnet

zum aktuellen Kurs ist das eine schwarze Null.


Hier spielt die oberste Liga.

Faszinierend ist nur, daß die Protagonisten nach bisherigem

Verständnis "Exoten" sind. Da emanzipiert sich was

von USA, seinen Vasallen, Mitläufern und Leibeigenen.


Man kann sagen was Neues wird stark. Die umgekehrte

Formulierung paßt auch: Die USA haben sich selbst geschwächt.


Wer mitdenkt wird vergoldet. So ganz nebenbei und spielerisch.*


gruss

gogh

*Überall ist Wunderland

Bei der Tante unterm Strumpfenband

Und irgendwo daneben

gogh:

"Wer mitdenkt wird vergoldet. So ganz nebenbei und spielerisch.* "

Was willst Du damit sagen,
fragt sich spielerisch
der
Spieler

MONOPOLY-SPIEL IN DER GOLDBRANCHE

Südafrikaner und Russen pokern um Macht

In der Goldbranche ist ein Übernahmegefecht ohne Beispiel entbrannt: Der Minenbetreiber Harmony Gold will den Konkurrenten Gold Fields für rund acht Milliarden Dollar übernehmen und damit zum größten Goldproduzenten der Welt aufsteigen. Der Angreifer wird von einem russischen Konzerngiganten unterstützt.

[Blockierte Grafik: http://www.spiegel.de/img/0,1020,340640,00.jpg] 
DPA
Goldbarren: Nummer sechs greift nach der Nummer vier

Johannesburg - Harmony und Gold Fields, beide aus Südafrika, kämen zusammen auf eine Marktkapitalisierung von rund elf Milliarden Dollar. Harmony ist der sechstgrößte und Gold Fields der viertgrößte Goldproduzent der Welt. In dem bis Ende November befristeten Übernahmeangebot will Harmony den Gold-Fields-Aktionären 1275 eigene Aktien für jeden Anteilsschein von Gold Fields übereignen. Dies entspricht einem Aufschlag von 29 Prozent gegenüber dem Schlusskurs der Gold-Fields-Aktie vom 14. Oktober.

Harmony habe für seine Übernahmepläne bereits die Zustimmung des größten Einzelaktionärs von Gold Fields, des russischen Unternehmens Norilsk Nickel, erhalten. Norilsk Nickel hält rund ein Fünftel aller Gold-Fields-Anteile. Die russische Firma bestätigte, dass sie das Harmony-Angebot unterstützt. Gold Fields wollte eigentlich mit Iamgold fusionieren - ein Geschäft mit einem Volumen von 2,1 Milliarden Dollar. Norilsk Nickel ist gegen diesen Plan.

Gold Fields-Management ziert sich

Das Management von Gold Fields reagierte in einer ersten Stellungnahme auf die Offerte kühl. Bislang liege kein offizielles Übernahmeangebot, hieß es darin. "Die vorläufige Ansicht des Vorstandes ... ist, dass das Angebot mit der von Gold Fields festgelegten Strategie nicht auf einer Linie liegt und nicht im Interesse der Aktionäre von Gold Fields ist." Gold Fields stehe zu dem im August vereinbarten Zusammenschluss mit Iamgold, sagte Vorstandschef Ian Cockerill im südafrikanischen Hörfunk.

Aus Branchenkreisen hieß es, die Führung von Gold Fields sei von dem Harmony-Angebot überrascht worden und werde sicher noch einige Tage für eine endgültige Antwort brauchen. Für die bislang angestrebte Fusion mit Iamgold hat der Vorstand noch nicht die Zustimmung der Aktionäre erhalten. Der Zusammenschluss kann nur zu Stande kommen, wenn die Hauptversammlungen beider Unternehmen ihn im Dezember jeweils mehrheitlich absegnen. Analysten gingen am Montag davon aus, dass es nun zu einem Übernahmekampf um Gold Fields kommt.

Die Harmony-Aktien gingen am Montag an der Börse in Johannesburg mit einem Minus von 9,6 Prozent aus dem Handel, die Anteile von Gold Fields schlossen 2,15 Prozent tiefer und die Aktien von Iamgold verloren im frühen Handel in Toronto 9,85 Prozent.
http://www.spiegel.de/wirtschaft/0,1518,323780,00.html

Da kommen schon die ersten Signale aus dem Gold Fields Lager.
Die Übernahmeschlacht kann beginnen.
Kuddel.
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Aus "BUSINESS DAY" vom 19.10.2004

'Harmony bid undervalues Gold Fields' assets'

The board of South African gold miner Gold Fields (GFI) says the bid by rival Harmony (HAR) "significantly
undervalues" Gold Fields' portfolio of assets and completely disregards the significant value that will be created from the IAMGold transaction.

The Board of Gold Fields on Tuesday urged shareholders to continue to support Gold Fields' stated strategy of pursuing the IAMGold transaction.

On Monday Harmony announced the terms of a proposed merger between it and Gold Fields, under which Harmony proposes to acquire the entire issued share capital of Gold Fields in exchange for the issue to Gold Fields shareholders of new shares in Harmony.

The proposed merger is conditional on the proposed IAMGold transactionnot proceeding and the approval of the proposed merger by Harmony shareholders.

In terms of the offer, Harmony is offering 1.275 Harmony shares for each Gold Fields share and ADS.
The offer values Goldfields at 52.9 billion rand or $8.1 billion based on the closing price of 84.41 rand per
Harmony share on the JSE Securities Exchange South Africa on 14 October.

The proposed merger ratio represents a premium of approximately 29% on the closing price.

Gold Fields shareholders were advised on Tuesday that the Board of Directors will consider the advice from its independent financial advisors, Goldman Sachs International and JPMorgan, and is currently forming its own view and recommendation regarding the Offer.

"The preliminary view of the Board of Directors however is that the Offer is not in line with Gold Fields' stated strategy or in the interest of Gold Fields' shareholders," it said.

The Board of Gold Fields continues to firmly believe that the IAMGold transaction is in the best interests of shareholders as it provides an international platform for aggressive growth with full access to international debt and capital markets.

It unlocks the intrinsic value of Gold Fields" international assets and places control of a global growth vehicle firmly in South African hands.

The see through value of Gold Fields' International assets has increased by more than USD0.5bn from
announcement of the IAMGold transaction till Friday 15th October close, it said.

In addition, Gold Fields said the implied premium in the proposal, based on the closing price of Gold Fields' ADSs in New York on Friday 15 October was 7%.

The implied premium based on current trading levels is negligible.

Based on the Board of Gold Fields' perception of relative fundamental value the proposed exchange ratio vastly overvalues Harmony's asset contribution to any potential combination.

Over the past year the cost per Kilogram performance of Harmony has significantly lagged that of Gold Fields, it added.

"The Board of Gold Fields therefore believes that the proposal significantly undervalues Gold Fields" high quality portfolio of assets and completely disregards the significant value that will be created from the
IAMGold transaction.

"The Board of Gold Fields urges shareholders to continue to support Gold Fields" stated strategy of pursuing the IAMGold transaction.

The views of the company's independent financial advisors and of the Board of Directors will be made known to shareholders shortly, it concluded.

I-Net Bridge

# Kuddel,

sowie man doch Heute vernommen hat klappt diese Übernahme nicht, die Kurse zeigen auch nichts davon.Glaube da kommen noch andere ins Spiel, vieleicht Anglogold oder sogar Newmont wer weis das schon,

gruß hpoth

HAR hat Null-Interesse an GFI.


Norlisk aber sehr wohl.

(Wenn Norlisk sich über den IMG-Deal beklagt

sind das Krokodilstränen. Der IMG-Deal ist

für Norlisk das Sahnehäubchen bei GFI)


Bin 3 : 2 : 1 engagiert:

3 GFI, 2 IMG, 1 HAR


grobes Kursziel für jede 20,00 €.

Habe viel Zeit.


Kann mich auch zum Narren machen.

Bin dann mein eigener und nicht der von ABN.


gruss

gogh

Norilsk hat schon 20% von Gold Fields und es wird spekuliert, sie hätten ihren Anteil schon auf 30% ausgeweitet.

VIele der Aktien sind im ausländischen Besitz, wer weiß, wie viele davon ihr Stimmrecht wahrnehmen.

Wäre schade um Gold Fields.