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

Zudem gleichen Thema ein Bericht in "BUSINESS DAY" vom 17.11.2004

Norilsk backs Gold Fields

Harmony's hostile bid for Gold Fields may be heading for a setback after its key ally in the bid, Norilsk of Russia, gave its backing to Gold Fields bosses at the company's annual general meeting yesterday.
Norilsk, 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.

But 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.

"It does not restrict Norilsk in accepting other better offers for its Gold Fields shares, even if such an offer were to emanate from Harmony itself."

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.

Thompson is set to head the new company that Gold Fields is forming through a reverse-listing into IAMGOLD and which will house the non- Southern African Development Community assets of Gold Fields.

It has always been believed that Norilsk teamed up with Harmony in the hostile bid against Gold Fields because it was opposed to the IAMGOLD transaction.

However, at yesterday's Gold Fields shareholders' meeting Norilsk also voted in favour of a R1,2m retainer for Thompson for activities that included putting together the IAMGOLD deal.

Speculation was rife in the market yesterday afternoon that Norilsk was under pressure from the Russian authorities to offload its Gold Fields shares.

Gold Fields CE Ian Cockerill said yesterday it was "not an impossibility" that dialogue could be rekindled between his company and Norilsk.

If Norilsk is forced to sell its stock, Gold Fields would be delighted to help ensure that the shares were placed with a friendly party.

Commenting on yesterday's meeting, an analyst said logic suggested Norilsk would have signalled its displeasure with Gold Fields by voting against several resolutions at the shareholders' meeting.

"The fact that Norilsk seems to be backing Chris Thompson's reappointment and pay packet suggests that something is happening behind the scenes and that may well spell trouble for Harmony."

However, Harmony director Ferdi Dippenaar played down the significance of the Norilsk vote at the Gold Fields meeting.

He said last night he was "sure Norilsk aren't switching sides".

Cockerill said after the meeting, however, that he believed his management team had won "very strong support" from its shareholders.

"It is a very clear indication they are not unhappy with what we are trying to do," he said.

"There is a lot more support for this company than people will have you believe.

"Shareholders are annoyed at the value destruction caused by the hostile Harmony offer they are seeing red ink."

Cockerill said that since the launch of the bid on October 15 almost R7bn in combined potential value for shareholders of the two companies had been destroyed.

This resulted from an 11% fall in the share price of Gold Fields, from R94,02 to R83,50, and a 21% decline in Harmony's share price, from R83,50 to R65,70.

"Gold Fields and Harmony shareholders have been excluded from the current bull run in the market," he said.

Thompson and Harmony CE Bernard Swanepoel are both due to appear in a New York courtroom today, where Gold Fields is launching the latest of a series of legal challenges against the hostile Harmony offer.

Meanwhile, Cockerill said the US regulatory authorities had required Harmony to remove sections from its preliminary prospectus to Gold Fields shareholders. These sections include financial data.

Business Day

@all
Ich halte schon länger sehr signifikant Goldfields und etwas weniger signifikant Harmony shares. Nachdem ich die Themen Iamgold und Harmony-GFI-Übernahme nun seit Wochen intensiv verfolge, hier meine Thesen zum weiteren Ablauf:
a) Harmony hat die 75%-Hürde bei der eigenen HV genommen. Diese ist somit aus dem Weg.
b) Angesichts der satten Mehrheiten für die GFI-Management-Vorschläge bei der GFI-Routine-HV vor einigen Tagen muss man davon ausgehen, dass auch bei der entscheidenden GFI-a.o. HV (über den IamGold-Deal, vorauss. 7.12.2004) eine Mehrheit für diese Transaktion zustande kommen wird - auch gegen den Willen von Norilsk.
c) Gleichzeitig glaube ich aber, dass Harmony mindestens 15% der GFI-shares angedient bekommt und zusammen mit den 20% von Norilsk dann 35% kontrolliert, was bei "normalen" HVs zur faktischen Kontrolle der GFI genügen würde (normale Abstimmungsquote unter 70%)!

Damit befände sich GFI aber in einer Situation, sich einer "feindlichen" Shareholder-Mehrheit gegenüberzusehen. Dies könnten Cockeril und die anderen m.E. nicht auf Dauer durchhalten - sie müssten gehen.

Zugleich könnte jedoch auch Harmony nicht mit dem Erreichten zufrieden sein, weil der Verkauf der internationalen Assets an Iamgold ja noch von der GFI-HV approved worden wäre. Norilsk bzw. Harmony haben für diesen Fall ja auch bereits eine Rücknahme der Übernahme-Offer angekündigt. Genau dies glaube ich jedoch noch nicht - die gekauften 15% bzw. 35% an GFI lassen sich zu gut als Druckmittel nutzen! Da keine Seite (außer Iamgold) an einer solchen Situation ein Interesse haben kann, finden m.E. höchstwahrscheinlich derzeit Verhandlungen zwischen GFI, Harmony und v.a. Norilsk statt. Ergebnis könnte sein, dass die Abstimmung über die IamGold-Transaktion zunächst NICHT durchgeführt wird bzw. diese von Norilsk ja massiv abgelehnte Transaktion abgeblasen wird. Dann könnten alle Parteien wieder über sinnvolle Lösungen nachdenken. Iamgold-shares würden natürlich massiv fallen - aber sowohl GFI als auch Harmony würden (v.a. bei Goldpreis über 440 $!!) wieder massiv steigen und man hätte wieder Zeit für sinnvolle Lösungen.

Die wichtige Frage an alle ist nur: Stimmt die derzeit von GFI / Cockeril verbreitete Version, dass der Iamgold-Deal bei Zustimmung beider HV´s (die von Iamgold ist bereits erfolgt) schon aus juristischen Gründen durchgezogen werden müsste?? Ich kann das nicht glauben - aber das ist derzeit die offizielle GFI-Version. WENN es stimmt, dann kann nur eine Mehrheit bei der GFI-HV den Iamgold-Deal noch verhindern.

Antworten und Meinungen hierauf bitte nur von INFORMIERTEN, nicht von INTERESSENGELEITETEN Parteien hier im Board. Danke.

@ Pauli

Grundsätzlich möchte ich deinen Schlussfolgerungen zustimmen.

HAR wird mit Sicherheit den feindlichen Übernahmeversuch nicht gestartet haben, ohne sich abzusichern, sowohl politisch (schließlich würden als Folge einer erfolgreichen Übernahme eine Vielzahl von Arbeitsplätzen abgebaut) als auch bei den größten Aktionären (u.a. Norilsk Nickel).

Man kann auch davon ausgehen, dass vor dem Übernahmeangebot eine ‚friedliche’ Lösung versucht worden ist. Da dies anscheinend nicht in das Konzept von GFI passte, ist es also zu der ‚unerwünschten’ Offerte gekommen. Man kann auch nur spekulieren, dass der geplante Zusammenschluss zwischen GFI und Iamgold der Auslöser für das HAR-Übernahmeangebot war. Es spricht aber manches dafür.

Wenn du schreibst, dass du nach keinen „interessengeleiteten“ Meinungen fragst, was machst du dann hier im Board ?
Ich denke, dass dieses Board dazu da ist, Informationen und Meinungen auszutauschen. Ein Urteil muss man sich dann selber bilden. Wie du selbst erklärst, hast du sowohl Aktien von HAR wie GFI. Also hast du etwa keine Interessen ???

Ich habe auch etwa zu gleichen Teilen Aktien von HAR und GFI. Also bin ich auch – genau wie du - interessengeleitet, weil wir beide natürlich möchten, dass diese Aktien steigen und das in einem Umfeld, auf das wir ja schon jahrelang gewartet haben! HAR ist ja nach Ankündigung der Übernahmeofferte fürchterlich unter die Räder gekommen und es zeigt sich, dass der Zeitpunkt für den Übernahmeversuch ausgesprochen ungeschickt war – unabhängig davon, ob das Übernahmeangebot Sinn macht oder nicht. Also spricht deshalb wohl manches dafür, dass der GFI-Iamgold-Deal der Auslöser war.

Womit fährt also der geplagte Aktienbesitzer besser: mit HAR oder GFI oder beiden zusammen?

Während HAR in den letzten Jahren immer um rund 30 % höher bewertet war als GFI (und das wohl nicht ohne Grund) hat die Unsicherheit über das erfolgreiche Gelingen HAR einen herben Abschlag beschert, während GFI so ungefähr um den Aufschlag besser liegt.

Wenn man sich die anderen feindlichen Übernahmeversuche der letzten Jahre ins Gedächtnis ruft, so spricht manches dafür, dass es auch bei HAR/GFI letztlich doch dazu kommt – letztlich ist alles eine Frage des Preises (siehe beispielsweise Vodafone-Mannesmann). Wenn diejenigen, die die Fusion beschließen können, vernünftig sind, dann bringen sie das jetzt schnell über die Bühne, sonst geht der gestiegene Goldpreis an den Aktienbewertungen vorüber und das nützt denen dann auch nichts.

Was nützt aber der Zusammenschluss? Einmal dürfte nicht von der Hand zu weisen sein, dass HAR/GFI als dann größter Goldprozent eine marktbeeinflussende Stellung innehat - vor allem aber könnten die Betriebskosten der südafrikanischen Minen gesenkt und damit wieder Gewinne realisiert werden (dazu hat ja HAR schon Stellung bezogen). Das ist nicht nur für HAR mit den höheren Kosten notwendig, auch die Kostenstruktur von GFI ist nicht viel rosiger. Denn die erhoffte nachhaltige und stärkere Schwächung des Rand ist ja bisher nicht eingetreten und wohl auch nicht abzusehen (Rand liegt aktuell schon wieder unter der 6 USD-Marke). Und vor allem darauf zu setzen wäre fahrlässig. Und ob der Goldpreis noch weiter steigen wird und damit höhere Erlöse beschert ist ebenso wenig vorhersagbar. Die HAR-Strategie der Kostensenkung ist also der logische Weg. Kommt es zusätzlich zu einer Randabschwächung, umso besser.

Bisher jedenfalls hat sich HAR als recht geschickt herausgestellt, was Zusammenschlüsse, Aufkäufe und Kooperationen betraf (siehe z.B. in jüngerer Vergangenheit ARM/Avmin/Avgold). Aus Evander hat HAR eine profitable Mine gemacht; als Evander noch zu GFI gehörte, wollte GFI Evander schließen. GoldFields war interessant, als es noch nicht GFI war, nämlich Driefontein, Beatrix und Kloof. Dies waren die „besseren“ Minen als die von HAR, u.a. Randfontein, Elendsrand. Wer schon länger in Südafrikaminen investiert ist, wird sich sicherlich erinnern.

Zusammengefasst setze ich darauf, dass HAR die Übernahmeschlacht gewinnt (sollte die logische Folge sein) und wenn die Wunden geleckt sind, marschiert auch die Aktie wieder gen Norden (es sollte aber nicht allzu lange Zeit ins Land gehen).

Ob nun der auf den Hauptversammlungen beschlossene Zusammenschluss von GFI und Iamgold dann noch vollzogen werden muss ? – ich bin kein Jurist (aber selbst die werden sich da wohl auch nicht eins sein), aber wenn, dann wird man Wege finden, das wieder rückgängig zu machen, z.B. neue Hauptversammlungsbeschlüsse. Sonst musst du mal Swanepoel oder Cockeril fragen, wenn du eine fundierte und interessenneutrale Aussage haben willst – aber ich fürchte, die sind ganz besonders stark interessengeleitet.

Kuddel.

Danke für die ausf. Antwort, Kuddel.
OK - "interessengeleitet" war sicherlich der falsche Begriff. Natürlich sind wir das irgendwo alle hier. Die Anmerkung bezog sich v.a. auf meine schlechten Erfahrungen aus dem w:o-Board, wo u.a. auch die Goldthemen sehr intensiv diskutiert werden. DORT gibt es ganz offensichtlich "Claqueure", die höchstwahrscheinlich von der einen oder anderen Seite (HAR, GFI) angestellt oder zumindest bezahlt sind. Dementsprechend sind ihre Angaben mit Vorsicht zu genießen. Gestehe aber gerne, dass es hier im Board , meist viel faktenorientierter zugeht!

Deine Einschätzung teile ich weitestgehend. Noch immer würde mich jedoch eine Juristenmeinung zu der evtl. entscheidenden Frage interessieren, ob Goldfields bei entsprechend zustimmendem HV-Beschluss im Dezember den Merger mit Iamgold nun tatsächlich unwiderruflich durchziehen MUSS, selbst wenn kurz danach Harmony/Norilsk/weitere eine faktische Sperrminorität haben und eigentlich GEGEN diesen Merger sind...

Stay long - eben ist die Unze auf ein weiteres neues 16-Jahreshoch über 445$ geklettert.

Hier das Neueste aus "BUSINESS DAY" vom 18.11.2004
So gute Karten hat GFI nicht vor Gericht!
Kuddel.
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Gold Fields application for interdict dismissed

The Competition Tribunal has dismissed an urgent application brought by gold mining group Gold Fields (GFI) to interdict the implementation of an early settlement offer which is the first stage of rival Harmony's (HAR) two part bid for Gold Fields.

Gold Fields had argued that this amounted to implementation of a merger without prior notification.

The Tribunal after analysing the evidence on the papers found that Gold Fields had failed to make out case that the early settlement constituted a merger and denied Gold Field relief.

On the question of the relationship with Russian mining group Norilsk, which has a 20.03% stake in Gold Fields, the Tribunal found that Gold Fields had not established that the understanding had gone beyond the undertaking.
Although evidence of a merchant banker's presentation had been read out at the hearing by Gold Field's counsel, to attempt to support the contention that Harmony and Norilsk were concert parties, the Tribunal placed no reliance on this, as the document had not been placed in context, nor had the Harmony and Norilsk been given an opportunity to explain it.

Tribunal Chairperson David Lewis, in a separate concurring opinion, said that a different finding on joint control may well have been justified had there been other agreements already concluded between Harmony and Norilsk.

"However," he said, "my willingness to accept Harmony and Norilsk's undertakings that they have formed an opportunistic alliance is bolstered by the knowledge - and, I have no doubt, Harmony and Norilsk are accordingly advised by their legal advisers - of the serious consequences that would flow from having perjured themselves before several regulatory bodies both in South Africa and the United States.

"Apart from the criminal sanction that this would invite, in terms of the Competition Act alone they would also lay themselves open to a swingeing administrative penalty as well as the very real prospect of having to unwind a merger deceitfully implemented.

"The reputational consequences for both Harmony and Norilsk, would, of course, be incalculable".

He also cautioned that the Competition Act should not be used to chill hostile mergers which are an important part of the very competitive process that the Tribunal is mandated to defend and promote.

The early settlement offer was an offer to buy up to 34.9% of Gold Fields shares other than those of Norilsk, prior to the 26th November.

If the early settlement was successful Harmony would acquire up to 34.9% of Gold Fields shares, which it indicated, it would use to vote against the Gold Fields board's proposal for a merger with IAMGold of Canada.

Norilsk, which owns 20,03 % of Gold Fields shares, had given an undertaking to Harmony to vote against the resolution as well.

The relief sought, if granted, would prevent Harmony and Norilsk from voting their shares at the meeting on 7th December.

Gold Fields had argued that the early settlement offer amounts to the implementation of a merger. Although it was common cause that Harmony has not notified the early settlement offer as a merger with the Competition Commission, but only the second stage (termed the subsequent offer) where it offer to acquire up to 100% of Gold Fields, there was a dispute as to whether it involved the implementation of a merger.

Gold Fields had argued that there were three reasons why the early settlement was a merger, and thus could not be implemented without prior competition authority approval.

In the first place Gold Fields argued that two offers from Harmony are part of a single bid for control that was not legally or factually capable of separate implementation.

In the alternative, it argued that the early settlement offer taken as a separate transaction would give Harmony the ability to control Gold Fields on its own, as a 34,9% holding would give it the ability to vote the
majority of shares at a general meeting of shareholders, or jointly with Norilsk, which has given Harmony an irrevocable undertaking to vote against the IAMGold resolution at the 7th December meeting and to accept the offer of Harmony shares in the subsequent offer, albeit subject to certain caveats.

Harmony and Norilsk had both rejected this construction of the facts.

The Tribunal found that the early settlement offer, even if accepted, was still subject to a number of contingencies and so it was not certain that the subsequent offer followed seamlessly from the first.

On the question of sole control the Tribunal found that evidence of voting attendances at Gold Field's general meetings was equivocal, depending on the time period on which they were looked at, and it was by no means certain that Harmony could command a majority with 34.9% of the votes.

It also relied on statements by Gold Fields CEO, Cockerill, who had also expressed doubt on this point.

Although raised as an issue at the hearing the Tribunal did not decide whether it had the power to interdict the unlawful implementation of the merger, as it stated it was not necessary to it to do so for the purpose of
this decision.

I-Net Bridge

Das läuft im Moment nicht gut für GFI.
Kuddel
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Third time unlucky for Gold Fields

By John Fraser

Harmony last night notched up a hat trick of local legal victories against Gold Fields, as the Competition Tribunal became the third South African institution to reject efforts by Gold Fields to torpedo its hostile takeover bid.

Gold Fields has mounted a series of legal challenges both in SA and the US in a bid to fend off Harmony's bid.

The tribunal rejected Gold Fields' objection to the early settlement offer, saying the offer did not amount to a merger, and it accepted Harmony's undertaking that the existing relationship with Norilsk did not go beyond Norilsk's undertaking to sell its 20% of Gold Fields to Harmony.

Gold Fields had asked the tribunal to rule that Harmony was acting in concert with Norilsk Nickel of Russia, and that Harmony's so-called early settlement offer for 34,9% of Gold Fields shares, which expires on Friday next week, would effectively give Harmony control of Gold Fields.

Its loss at the tribunal yesterday was the third and final leg of Gold Fields' local fight against the takeover after similar losses at the Securities Regulation Panel and the Johannesburg High Court.

A further legal challenge was mounted by Gold Fields on Wednesday this week before a New York court, and judgment is expected today.

Gold Fields spokesman Willie Jacobz said yesterday that his group was going to appeal against all three local rulings.

The first appeal will be heard by the Securities Regulation Panel today, and the second next week at the Supreme Court of Appeals.

The Competition Appeal Court is also due to hold a hearing next week on yesterday's ruling by the tribunal.

On Tuesday Gold Fields took solace from the support it received from 20% shareholder and key Harmony ally, Norilsk , which had pledged its support for the Harmony bid.

Norilsk's decision to vote for the re-election of Gold Fields chairman Chris Thompson and others instrumental in fighting the bid could mean that it might have had a change of heart on the hostile bid.

Gold Fields continued its efforts to persuade its shareholders to oppose the Harmony offer.

Yesterday it released information that its South African operations were becoming more profitable and cost-effective as margins were improving.

"Production for the December 2004 quarter is expected to increase between 5%-6% over that reported in the September 2004 quarter, with the South African operations expected to improve by approximately 3%," it said .

"Rand per kilogramme unit costs are expected to improve by approximately 2%, and total rand per ton costs by more than 5% on a group-wide basis, despite continuing inflationary pressures.

"We are delighted with this hat trick," said Harmony director Ferdi Dippenaar. "The early settlement offer is open, we have seen some support, and the less legal uncertainty there is the more people will support our offer."

Business Day

Die amerikanische Börsenüberwachung hat Harmony grünes Licht für die Übernahme von Gold Fields gegeben:

http://biz.yahoo.com/prnews/041119/nyf127_1.html

Gruß, Unlimited

Aus "BUSINESS DAY" vom 20.11.2004

'Harmony bid destroyed R10bn for shareholders'

Harmony's (HAR) hostile bid for rival gold miner Gold Fields (GFI) has already destroyed as much as 10
billion rand in shareholder value for both companies, according to Gold Fields CEO Ian Cockerill.

Cockerill made another impassioned appeal to Gold Fields shareholders to reject Harmony's two-stage offer for the company, the first stage of which closes on November 26.

"Since Harmony made its hostile and unwelcome bid, as much as 10 billion rand in the value of both companies has been destroyed," he asserted.

He said that Gold Fields' share price had fallen from 94.02 rand on October15 to 89.06 rand on November 17.

"Unless Harmony's hostile and coercive offer is stopped, the one certain outcome of this unsolicited and unwelcome bid will be the further destruction of shareholder value - for me and for all the other Gold Fields
shareholders.
"I urge you to stop any more value destruction. Reject the hostile Harmony offer and do not tender your shares or ADSs (American depositary shares)," Cockerill implored shareholders.

I-Net Bridge

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Nun, Mr Cockeril ist an diesem Preisverfall selber schuld.
Sobald die Übernahme perfekt ist, wird man sehen wie der Kurs abgeht.
Kuddel.

Die Meldung unten (von heute 21.11.) ist zwar nicht ganz einfach einzuordnen, da eigentlich nur Gerücht. Immerhin aber von einer seriösen Agentur (money telegraph) gemeldet. Interessant ist v.a.die BEWERTUNG für GFI, die implizit drinsteht: 20% würden demnach 2Mrd $ entsprechen. Gesamtwert GFI somit 10 Mrd. $. Das wäre ggü. heute schon ein sehr nettes Upside - und der eigentlich Goldpreisanstieg steht ja erst noch bevor!

Ich halte meine GFI daher weiterhin sehr fest!

Ich glaube persönlich auch nicht, dass Norilsk auf ein solches Angebot eingehen würde. Die WOLLEN GFI ja haben und sich nicht heute mit nur mittlerem Upside nach nur sechs Monaten wieder auszahlen lassen. Das ist ein strategischer Plan der Russen. Das "Angebot" an Norilsk (wenn es denn stimmt, was durchaus sein kann) zeigt nur, dass Cockeril schon weiß, dass er am 7.12. die Abstimmung zu Iamgold wahrscheinlich verliert und dann Harmony und Norilsk gegen sich und als neue Mehrheitsaktionäre hätte. Da macht er lieber schon prophylaktisch "gut Wetter" und zieht den Schwanz ein, indem er verzweifelt eine Alternative vorschlägt, die ihm den Job sichern würde, den er sonst mit Sicherheit verliert .

Meine Interpretation - gebe aber gerne zu, dass dies heute nicht beweisbar ist und dass sich bis zum 7.12. noch einiges tun kann.

Pauli

****************************************************************

Gold Fields to bid for $2bn Norilsk stake
By Edward Simpkins (Filed: 21/11/2004)

Gold Fields has made a secret offer to buy out its largest shareholder as a last-ditch defence against a hostile $8.1bn (£4.35bn) bid from Harmony, its rival South African gold producer.

Last week, Ian Cockerill, the chief executive of Gold Fields, hinted he would sell the company's $3.5bn of gold-mining assets outside South Africa and return the cash to shareholders to fend off Harmony's bid.

The sale will go ahead if, as expected, Gold Fields' shareholders vote against a proposed $2.1bn acquisition of Iamgold of Canada at a poll on December 7.

Cockerill is contractually obliged to push ahead with the Iamgold deal, but he accepts that it is not popular with his shareholders and that many are likely to vote against it.

However, it has emerged that Norilsk Nickel, the Russian metals company that owns a 20 per cent stake in Gold Fields and which backs the Harmony bid, is keen to sell its holding.

Norilsk has been told by Gold Fields that the disposal of international assets would be used to buy its stake for about $2bn.

One executive close to the companies said yesterday: "Norilsk is a seller, but the company needs to get the right price and it needs certainty that the transaction will go through."

He added: "If the Iamgold deal were not to happen and Gold Fields were to liquidate its international assets then its ability to do a share buyback would increase considerably."

The cash offer is an incentive for Norilsk to switch sides and to drop its backing for the bitterly contested all-share offer from Harmony.

It has given an apparently irrevocable agreement to Harmony to support its bid. However, Gold Fields' advisers are convinced that Norilsk has the ability to accept a better offer.

However, the tactic may be seen as a desperate measure, as it would only happen if shareholders rejected Cockerill's current strategy for the company.

The first phase of Harmony's offer, for 34.9 per cent of Gold Fields' shares, closes on Friday and Bernard Swanepoel, the chief executive of Harmony, spent several days in London last week drumming up support among shareholders and arbitrage investors, who were expected to take advantage of price discrepancies created by the unusual two-phase offer.

Gold Fields has tried to have the offer ruled illegal. In a New York court last week, an e-mail was disclosed implying that Cockerill had lied to shareholders.

The e-mail, addressed to Leonid Rozhetskin of Norilsk, reads: "Now I can continue to lie, as I have done to date, and say I have had no contact with you other than the five-minute conversation on the day of the announcement."

A spokesman for Gold Fields said the e-mail, dated September 2, referred to a period when it had become clear to Cockerill that Norilsk opposed the Iamgold deal. But he said that Cockerill had never said he had Norilsk's support when he knew it to be untrue. "It was an unwise choice of words."

@ Pauli:
Die Nachricht ist heute auch im "Business Report", scheint also doch was dran zu sein.
Schätze die Situation genauso ein wie du. Wird interessant.
Kuddel.
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Gold Fields pulling out all stops to thwart Harmony

November 22, 2004

Johannesburg - Gold Fields offered to buy Norilsk Nickel's 20 percent stake in it for about $2 billion (R12 billion) to thwart the hostile takeover by Harmony, the Sunday Telegraph newspaper reported, citing an unidentified executive.

Gold Fields would use cash raised by selling its $3.5 billion in mining assets outside South Africa to buy Norilsk's holding, hoping to reverse Norilsk's support for Harmony's all-share offer.

The sale of international assets would proceed if Gold Fields shareholders rejected the company's $2.1 billion purchase of Iamgold on December 7.

"I do not want to comment on speculation of this nature," said Gold Fields spokesperson Willie Jacobsz at the weekend.

Gold Fields might sell assets and return the cash to shareholders to get them to vote against Harmony's R50 billion bid, he said.

The Observer newspaper, citing unidentified people, reported that Gold Fields might seek a counterbid from Newmont Mining to thwart the hostile takeover.

Gold Fields advisers at Goldman Sachs and JPMorgan Chase were considering the defence plan alongside another to sell global businesses worth $3.5 billion to bidders such as Placer Dome and Sual Group.

"We are examining all available options to unlock shareholder value," said Colin Coleman, the managing director at Goldman Sachs in South Africa. John Coulter, the chief executive of JPMorgan's South African unit, declined to comment.

Meanwhile, Harmony yesterday again urged Gold Fields' shareholders to accept its offer for Gold Fields' entire share capital.

This was after the US Securities and Exchange Commission (SEC) had declared the registration statement on Form F4, with respect to the Harmony consideration shares to be issued pursuant to the US offer for Gold Fields, effective.

Harmony said it had to remove several pages from its F4 filing with the commission.

Gold Fields had "continued to refuse to release its 2004 financial statements to Harmony".

Late on Friday evening, the SEC granted the registration of the Form F4 without the pages.

Harmony hat eine Antwort auf die tollen alternativen Ideen von Goldfields veröffentlicht. Ich kann das Dokument hier nicht posten - da pdf- Format. Daher hier der Link:

http://www.harmony.co.za/www.h…arificationforthearbs.pdf

Es ist für Euch sicher nicht weiter überraschend, dass Harmony darin von den neuen Cockerill-Plänen nichts hält bzw. sie aus praktischen (fehlende Mehrheit) und juristischen Gründen für undurchführbar und für ein verzweifeltes Ablenkungsmanöver hält.

Ich glaube weiterhin, dass angesichts der offenbar stehenden Mehrheit GEGEN den Iamgold-Deal derzeit hinter den Kulissen massiv nach Lösungen gesucht wird, die nicht zwangsläufig auf einen kompletten HAR-GFI-Merger hinauslaufen und die Norilsk-Interessen, die südafrikanischen Interessen (Regierung, Minenarbeiter-Gewerkschaften, etc.) sowie die Interessen der mächtigen US-/CAN-Finanziers hinter Iamgold berücksichtigen.

Als Kleinaktionär kann man nur hoffen, dass man bei dieser Konstellation nicht hinten runter fällt. Dennoch bin ich derzeit noch zuversichtlich, dass fundamental weder bei HAR noch bei GFI viel passieren kann. Wenn es nicht zu einer rechtswidrigen Enteignung der Kleinaktionäre zugunsten der Großen kommt, sind beide Titel so stark unterbewertet, dass beim jetzigen Niveau mittelfristig nichts schief gehen kann.

DJ Gold Fields Appeals S African Competition Tribunal Ruling

LONDON, Nov 23, 2004 (ODJ Select via COMTEX) -- (Dow Jones)--Gold Fields Ltd.
(GFI), bitterly contesting a hostile takeover bid from Harmony Gold Mining Co.
(HMY), has appealed against a South African Competition Tribunal ruling that
upheld Harmony's two-part buyout offer.

Its appeal will be heard by three judges at the Competition Appeal Court in
Pretoria, Wednesday at 0800 GMT, Tribunal spokesman Jane Sussens said Tuesday.

Gold Fields contends that Harmony's "early bird" settlement offer - which seeks
to persuade an initial 34.9% of Gold Fields' shareholders to tender their stock
- amounts to a merger without prior authorization.

Last Thursday, the Tribunal ruled against Gold Fields, saying the world's
fourth-biggest gold mining company by output had failed to make the case that
Harmony's structured bid was a backdoor attempt to gain control of the company.

Gold Fields' shareholders must decide by a Friday midday deadline whether to
swap their stock for Harmony paper. Monday, two large U.S. institutional
shareholders, owners of about 2% of Gold Fields' equity combined, said they
would not tender their holdings.

The all-share offer, launched Oct. 18 at a value of $8.24 billion, is currently
valued about $7 billion.

Gold Fields hat endlich einmal einen gerichtlichen Erfolg erzielt. Harmony darf die Stimmrechte aus dem "early settlement" bei der Abstimmung am 7. Dezember über die Zusammenschluß von IAM Gold und Gold FIelds nicht ausüben.

Gold Fields granted an interdict

By Justin Brown

The Competition Appeal Court on Friday granted Gold Fields (GFI) an interdict against Harmony's (HAR) early settlement offer in the Johannesburg High Court. Judgement was delivered by Justice Ismail Hussein.

The court granted Gold Fields an interdict to stop Harmony from voting or exercising any rights they have as ordinary shareholders from any of the shares they receive as a result of the early settlement offer to Gold Fields shareholders or otherwise.

Justice Hussein gave no reasons for the ruling because of the urgency of the matter and reasons will be released in due course.

Harmony was ordered to pay the costs of Gold Fields' appeal which include the costs of two legal counsels. The result of the ruling leaves Harmony without the right to use their shares to vote - these are the shares it receives from its early settlement offer which closes at 12h00 on Friday and thus Harmony won't be able to participate on voting on the merger of Gold Fields and Canada's IAMGold with the shareholders vote scheduled for December 7.

"The order handed down by the Competition Appeal Court means that Harmony may buy shares in Gold Fields but Harmony may not exercise any right in terms
of these shares and this will include voting on the IAMGold deal," said Competition Tribunal CEO Shan Ramburuth on the sidelines of the Johannesburg High Court where the ruling was handed down.
http://www.bday.co.za/bday/con…23,1759898-6080-0,00.html
I-Net Bridge

at alle
Heisst dies, dass die Übernahme von GF durch HAr geplatzt ist???
Sorry, bin kein Experte

Harmony - Results Of The Early Settlement Offer

Release Date: 29/11/2004 14:30:05 Code(s): HAR
Harmony - Results of the early settlement offer
Harmony to commence the subsequent offer with 10.8% of Gold Fields
Harmony Gold Mining Company Limited
(Incorporated in the Republic of South Africa)
(Registration number 1950/038232/06)
Share code: HAR ISIN: ZAE000015228
("Harmony")
29 November 2004
Results of the early settlement offer
Harmony to commence the subsequent offer with 30,9% of Gold Fields
On 18 October 2004, Harmony announced the terms of a proposed merger between
Harmony and Gold Fields offering 1.275 new Harmony shares for each Gold Fields
share, representing a premium of approximately 29%* and an implied price to net
present value multiple for Gold Fields of 2.4x, a substantial premium to Gold
Fields" peer group. The proposed merger was structured on the basis of an early
settlement offer for up to 34.9% of Gold Fields with a subsequent offer for the
balance of Gold Fields" entire issued share capital.
Harmony is pleased to announce that as at 12.00 p.m. (South African time) on 26
November 2004, the closing date of the early settlement offer, valid acceptances
of the early settlement offer had been received in respect of a total of 53 392
108 Gold Fields shares representing approximately 10.8% of the entire issued
share capital of Gold Fields. Settlement of the consideration due under the
early settlement offer in respect of valid acceptances received on or before the
closing date will be despatched as soon as possible and, in any event, by no
later than Friday, 3 December 2004.
In addition, as previously announced, Harmony has received an irrevocable
undertaking from Norilsk to accept the subsequent offer in respect of 98 467 758
Gold Fields shares, representing approximately 20.03% of the entire issued share
capital of Gold Fields.
Accordingly, Harmony now either owns, has received valid acceptances of the
early settlement offer or has an irrevocable undertaking to accept the
subsequent offer in respect of a total of 151 859 866 Gold Fields shares
representing approximately 30.9% of the entire issued share capital of Gold
Fields.
Harmony is pleased with the support of its proposed merger by Gold Fields
shareholders. Harmony believes that a starting position of 30.9% represents a
strong platform for the subsequent offer. In addition, a significant number of
Gold Fields" shareholders who did not tender or only partially tendered into the
early settlement offer have indicated their support for the proposed merger,
stating their preference to accept the subsequent offer.
Reasons fed back by a number of Gold Fields" shareholders to Harmony for waiting
to accept the subsequent offer, aside from it being common practice, include the
fact that Gold Fields" management has been offering Gold Fields" shareholders a
number of potential inducements to refrain from tendering their shares. To
Harmony"s knowledge, these have included, inter alia:
- a specific buy-back by Gold Fields of Norilsk"s 20% holding in Gold Fields
at a 15% premium to Harmony"s offers, which would require the approval by way
a special resolution of Gold Fields" shareholders in general meeting, at which
Norilsk will be precluded from voting on the matter;
- a potential white knight making an offer for the whole of Gold Fields;
- the potential sale of all or certain of Gold Fields" international assets;
- the potential unbundling of certain of Gold Fields" South African assets;
and
- the revision of the terms of the proposed transaction between Gold Fields
and IAMGold to attempt to address the inequality of the previous agreement by
Gold Fields" management.
Harmony believes that some of these are not capable of being implemented,
especially in a manner that would be considered attractive to Gold Fields"
shareholders and clearly a number of these proposed options are also mutually
exclusive and contradictory. To take one example, the sale of production ounces
for cash, especially in a firesale environment, to raise cash to buy out a
single shareholder at a substantial premium is unlikely to be in the best
interests of all of Gold Fields" shareholders or to meet with the approval of
those shareholders.
Harmony awaits evidence that the Gold Fields" board has a coherent strategy in
place to deliver on any of these promises in a manner that is in the best
interests of all of its shareholders, now including Harmony. Harmony will watch
the outcome with interest.
The first test of Gold Fields" shareholders belief in the Gold Fields" board and
management and their strategy will come on 7 December 2004, when Gold Fields"
shareholders vote on the proposed IAMGold transaction. Harmony is of the strong
view that a board that has a major strategic move rejected by its own
shareholders should consider whether it continues to have the support and
confidence of its shareholders. Harmony is encouraged by the substantial
opposition to the proposed IAMGold transaction which had been expressed during
meetings that Harmony has held with Gold Fields" shareholders. Harmony
considers that Gold Fields" management has already positioned itself for a vote
of no confidence in this major element of its strategy.
At the heart of Harmony"s proposal is what it believes will be the creation of a
highly profitable South African champion that is able to compete internationally
and is positioned to become the leading global gold miner. Harmony is
convinced that, by applying Harmony"s superior and proven operational expertise
and efficiency to Gold Fields" assets, Harmony will build an exciting platform
which would create value for all shareholders. From the outset the enlarged
group would be the largest gold mining company in terms of production, reserves
and resources. Building on this Harmony is committed to also becoming the most
efficient and valuable gold miner worldwide.
Harmony has been able to build a substantial, sustainable gold mining business
out of mines that were discarded as unprofitable by its competitors, including
Gold Fields. Harmony attributes its" success to concentrating on basic
management principles known as the "Harmony Way", which include a strong focus
on cost control and a flat, decentralised management structure that empowers the
people on the ground. Given Harmony"s proven track record in delivering cost
savings, Harmony is confident that, following completion of the proposed merger,
Harmony can achieve sustainable annual cost savings of at least R1 billion, or
15% of Gold Fields" South African cost base.
After initially attacking Harmony"s analysis as unrealistic, Gold Fields"
estimates of potential cost savings are creeping up towards the low end of what
Harmony believes is achievable by applying the "Harmony Way", an implicit
acceptance of the cost savings opportunities achievable under Harmony"s
management. Furthermore, Harmony questions whether Gold Fields" management is
able to deliver even this lower amount, given its poor performance on cost
management to date. On 28 October 2004, Ian Cockerill confirmed: "A desire to
cut costs has always been a part of the Gold Fields strategy, but the desire to
do something and the ability to deliver can often be two entirely different
things."
In its analysis of potential cost savings, Harmony is fortunate to be able to
make direct comparisons in respect of the cost levels of assets acquired from
Gold Fields. For instance, in relation to Evander, Harmony has achieved total
cost savings of some 33%. In fact, if Gold Fields still owned Evander today,
with Harmony"s cost structure, Harmony estimates that Evander would be Gold
Fields" most profitable underground operation by operating margin.
Harmony believes that savings of this magnitude would unlock a market value of
at least R17 billion. In addition, due to the current uncertainty in the
market, Harmony is trading at a substantial discount to its fundamental value,
with a price to net present value multiple of only 1.3x. As certainty returns,
Harmony expects this discount to correct itself, further increasing the value
inherent in the proposed merger. Following completion of the proposed merger,
the enlarged group would be the world"s largest gold mining company in terms of
production, reserves and resources, in Harmony"s view a "must have" investment
with substantial index weightings.
Harmony initiated a strong Rand restructuring process some six months ago, which
involved closing down unprofitable operations and streamlining the work force.
This restructuring process has now been completed and some 83% of Harmony
operations are profitable with only a marginal reduction in production.
Harmony"s ore reserves are strong and demonstrate little sensitivity to a lower
gold price. Harmony believes that it is now optimally positioned to face a
sustained strong Rand/Dollar exchange rate.
"We are delighted that we will be starting the subsequent offer with 30.9% of
Gold Fields" shares behind us and consider that this provides strong impetus for
the ultimate success of the proposed merger. We are further encouraged by the
feedback that we have received from Gold Fields" shareholders who have indicated
their ultimate belief in the value proposition that Harmony is offering and
their support for the proposed merger. In addition, a significant number of
Gold Fields" shareholders have expressed to Harmony their recognition that the
proposed IAMGold transaction, which represents the major pillar of Gold Fields"
management"s strategy is value destructive and not in the best interest of Gold
Fields and its shareholders. Now that Gold Fields" management is reaching the
end of its largely unsuccessful attempts to frustrate the proposed merger
through a serious of expensive and technical legal challenges, we look forward
to arguing Harmony"s compelling value proposition based on fundamentals with the
confidence that the various contradictory promises made by Gold Fields"
management will be revealed as both value destructive and ultimately incapable
of implementation in a manner that is either to the benefit of or likely to meet
with the approval of Gold Fields" shareholders." said Harmony CE Bernard
Swanepoel.
THE SUBSEQUENT OFFER
As set out in the circular to Gold Fields" shareholders dated 20 October 2004,
Harmony irrevocably undertook to make an the subsequent offer on the same terms
as the early settlement offer for the balance of the issued share capital of
Gold Fields not already acquired by Harmony under the early settlement offer.
Accordingly, Harmony will commence the subsequent offer and will shortly post to
Gold Fields" shareholders a supplementary document containing the terms and
conditions of the subsequent offer.
* the 29% premium is calculated by comparing the closing Harmony share price on
14 October 2004 to the average daily volume weighted average price of Gold
Fields shares on the JSE for the 30 business days ending on 14 October 2004, the
last practicable date in accordance with the JSE Listings Requirements prior to
the announcement of the proposed merger.
ENDS
ENQUIRIES
HARMONY
Ferdi Dippenaar +27 11 684 0140 Corne Bobbert +27 11 684 0146
Marketing Director +27 82 807 3684 Investor Relations +27 83 380 6614
HSBC INVESTEC
Adrian Coates +44 20 7991 8888 Dennis Tucker +27 11 286 8725
Andrew Bell George Nakos
Jan Sanders Andrew Brady
Tim Morgan-Wynne Kevin Kerr
Graham Shuttleworth
Date: 29/11/2004 02:30:12 PM Supplied by http://www.sharenet.co.za
Produced by the JSE SENS Department

Harmony wird wohl ein zweites, verbessertes Angebot an die Gold Fields-Aktionäre abgeben, um noch mehr als die 30,9% zu bekommen. Swanepoel wird nicht locker lassen, bis er Gold Fields bekommen hat. Hoffentlich geht die Sache zügig über die Bühne. Die Börse hasst ja bekanntlich Unsicherheit, man sieht's an den Aktienkursen.

http://www.forbes.com/home_asi…2004/11/29/ap1679335.html

Volkmar

Münchhausen konnte sich am eigenen Schopff aus dem Sumpf ziehen.

Harmony kann mit Harmony bezahlen. Je höher das

Premium ums stärker die Verwässerung der HAR.

Und 30,9% ist die Halbe Wahrheit und die ist

nicht 50% der Wahrheit.

20,1 sind Norlisk, also nur 10,8%.

Ees fehlen also wiederum knapp 50% an der Wahrheit

(gemeint ist die Differenz von 10% bis 14%, die HAR braucht)
================================================


gogh

Der Iamgold-Deal wurde von den Aktionären abgelehnt. Damit geht der Versuch von Harmony weiter, Gold FIelds zu übernehmen

Gold Fields Shareholders Reject Plan to Buy Iamgold
http://www.bloomberg.com/apps/…7QCo1DjgHXE&refer=europe#

Sie heißt IMG und ist wieder zu haben

[Blockierte Grafik: http://members.brabant.chello.nl/p.vanherk1/MissLegs.jpg]


Irgendein Freier wird sich finden; bei den GM-Argumenten.

zwei oder drei Mopeds stehen in der Mine


gogh

Artikel von Tim Wood

- 31% des Aktienkapital liegen in feindlichen Händen (Norilsk und Harmony)
- Gold Fields Chairman Thompson ist nicht geneigt, ein nettes Spiel mit Harmony zu machen
- Vermutlich wird Gold FIelds alles machen, damit Harmony beim angegebenen Preis nicht zum Zug kommt.
- Nach Thompson haben drei Konkurrenzunternehmen Interesse an Gold Fields bekundet. Spekuliert wird auf Barrick, Anglo Gold und Placer Dome. Diese würden sich die Rosinen aus Gold Fields picken.
- Wenn der Rand bis zum Februar nicht kollabiert, wird Gold Fields entweder bis dahin nicht mehr bestehen oder radikal anders aussehen.

Gold Fields' Fate Lies in Hostile Hands

By Tim Wood
08 Dec 2004 at 09:54 PM EST

NEW YORK (ResourceInvestor.com) -- Gold Fields emerged in August as a white knight for embattled IAMGold, which was doing everything possible to avoid being acquired by Golden Star Resources. Now it requires its own white knight thanks to Harmony Gold kyboshing its deal.

Although Gold Fields must perforce do everything possible to queer the pitch for Harmony, it is in an invidious position with 31% of its stock in very hostile hands. Norilsk Nickel holds a little over 20% of Gold Fields, whilst Harmony has nearly 11% through its first stage takeover offer.

That bloc, combined with an extremely conflicted vote switch by South African insurance and investment giant Sanlam, tripped Gold Fields up in its quest to spin off its international assets in search of a North American gold stock multiple.

There is talk of a possible recount of the votes cast at the Gold Fields extraordinary general meeting on Tuesday. However, it seems a futile effort since sources put the required number of votes to swing the decision back in Gold Fields’ favour at 10 million shares. It is unlikely that sufficient errors and omissions could be dredged up to find nearly that many yea votes.

Gold Fields’ chairman Chris Thompson told Bloomberg on Wednesday that at least three rival gold producers have expressed an interest in his company. He did not name them, but the companies considered most likely to launch a bid are Barrick Gold, Placer Dome and AngloGold. Newmont is an outside bet given its public displeasure with SA risk factors and aversion to ultra-deep level mining.

Placer Dome could use the black empowerment flow-through and early access to the second phase of its South Deep mine. AngloGold has always wanted to rationalize development between its Western Deep Levels mine, as it used to be known, and Gold Fields’ East Driefontein complex. Barrick needs more reserves to mitigate the impact of its hedge book in a high gold price environment.

In every case the buyer would probably cherry pick Gold Fields and pass on its marginal assets to the likes of Harmony and DRD Gold. Some projects might be mothballed in the hope of preserving optionality in the event of the rand reverting to type.

Thompson is clearly in no mood to play nice with Harmony which conducted a campaign of corporate vilification as it brought its offer to market. The consequence is that Gold Fields appears willing to do almost anything to prevent Harmony from succeeding at its chosen price. Yet it is no less imperative for Harmony to succeed if it is to avoid the humiliation of funding operations through rights issues.

NorNickel retains the most leverage in any outcome. It skated through all the kompromat intended to derail its alliance with Harmony, but stayed sufficiently aloof to be considered a genuine maverick. Yet its presence, along with Harmony’s bloc, is a serious impediment to a clean transaction. Few companies have the appetite to negotiate with several large, fractious shareholders with competing agendas.

The only certain result is that in the absence of a collapse of the rand between now and February, Gold Fields will either cease to exist or become radically different from what investors currently know. Those shareholders can take succour in the fact that Harmony also cannot avoid a remodelling in the same circumstances.