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24

Harmony Hopes To Get More Gold Fields Stake

South Africa's gold producer Harmony said it had received some additional acceptances for its takeover bid

South Africa's gold producer Harmony said it had received some additional acceptances for its takeover bid for Gold Fields, which is to expire on Friday.

Harmony Marketing Director Ferdi Dippenaar declined to say how many additional acceptances Harmony, the world's sixth biggest gold producer, had received.

Harmony got 11.5 percent of shares in Gold Fields, the world's fourth ranking gold producer, in the first stage of its offer, but has received very few since then.

Fund managers expect the bid, which was launched last October, to fail since its value is around 15 percent below the price of Gold Fields' shares.

Dippenaar said Chief Executive Bernard Swanepoel was misquoted when Bloomberg news agency reported him as saying Harmony would abandon the offer. "We haven't abandoned the bid, you can't abandon a bid, you can't," he said.