Harmony, South African gold producer has offered to its larger rival Gold Fields to merge
Harmony, South African gold producer has offered to its larger rival Gold Fields to merge to create the world's biggest gold producer.
Some experts consider this Harmony?s move as the backing of a number of shareholders, including Russian metal giant Norilsk Nickel. They are thought to disagree with a plan to join up with Canadian company Iamgold.
Harmony said the offer valued Gold Fields at 52.9bn rand ($8.24bn). The new merged firm would have a combined market value of $10bn (5.5bn pounds).
It has offered 1.275 shares in the new company for each Gold Fields equity.