Competition Commission Recommends Approval for Harmony-Gold Fields Merger
February 11 2005 - 10:13AM
PR Newswire (US)
Competition Commission Recommends Approval for Harmony-Gold Fields
Merger JOHANNESBURG, South Africa, Feb. 11 /PRNewswire-FirstCall/
-- Harmony Gold Mining Company Limited (NYSE:HMY)(JSE:HAR) today
received notice from the Competition Commission that it is
recommending approval for Harmony's proposed merger with Gold
Fields (NYSE:GFI)(JSE:GFI) to the Competition Tribunal. The
recommendation comes with a condition that no more than 1500
employees at a managerial or supervisory level be retrenched as a
result of the proposed merger. Chief Executive Bernard Swanepoel
said he was pleased that the recommendation had come through within
the regulated time period. "We are comfortable with the principle
behind the condition that the Competition Commission has
recommended since we've said all along that no more than 1,500
retrenchments at a managerial or supervisory level were envisaged
as part of the cost savings and synergies we plan to extract from
Gold Fields' operations. We are now approaching the final hurdle in
our plans to merge Harmony and Gold Fields. We remain convinced
that a merger between the two companies will deliver a value
proposition to all stakeholders, i.e. shareholders, employees and
the various communities in which we will be operating." According
to the Competition Act of 1998, the Competition Tribunal is
required to set a date for a pre-hearing or a hearing within ten
business days of referral by the Competition Commission. In
connection with the proposed merger, Harmony has filed with the
U.S. Securities and Exchange Commission ("SEC"), a registration
statement on Form F-4, which includes a preliminary prospectus and
related exchange offer materials, to register the Harmony ordinary
shares (including Harmony ordinary shares represented by Harmony
ADSs) to be issued in exchange for the remainder of Gold Fields
ordinary shares held by Gold Fields shareholders resident in the
United States and for Gold Fields ADSs held by Gold Fields
shareholders wherever resident, as well as a Statement on Schedule
TO. Investors and holders of Gold Fields securities are strongly
advised to read the registration statement and the preliminary
prospectus, the related exchange offer materials and the final
prospectus (when available), the Statement on Schedule TO and any
other relevant documents filed with the SEC, as well as any
amendments and supplements to those documents, because they contain
important information. Investors and holders of Gold Fields
securities may obtain free copies of the registration statement,
the preliminary and final prospectus (when available) and related
exchange offer materials and the Statement on Schedule TO, as well
as other relevant documents filed or to be filed with the SEC, at
the SEC's web site at http://www.sec.gov/. The preliminary
prospectus and other transaction-related documents may be obtained
for free from MacKenzie Partners, Inc., the information agent for
the U.S. offer, at the following address: 105 Madison Avenue, New
York, New York 10016; telephone 1 212 929 5500 (call collect) or 1
800 322 2885 (toll-free call); e-mail . "This communication is for
information purposes only. It shall not constitute an offer to
purchase or exchange or the solicitation of an offer to sell or
exchange any securities of Gold Fields or an offer to sell or
exchange or the solicitation of an offer to buy or exchange any
securities of Harmony in the US, nor shall there be any sale or
exchange of securities in any jurisdiction in which such offer,
solicitation or sale or exchange would be unlawful prior to the
registration or qualification under the laws of such jurisdiction.
The distribution of this communication may, in some countries, be
restricted by law or regulation. Accordingly, persons who come into
possession of this document should inform themselves of and observe
these restrictions. The solicitation of offers to buy Gold Fields
ordinary shares (including Gold Fields ordinary shares represented
by Gold Fields ADSs) in the US will only be made pursuant to a
prospectus and related offer materials that Harmony has sent to
holders of Gold Fields securities. The Harmony ordinary shares
(including Harmony ordinary shares represented by Harmony ADSs) may
not be sold, nor may offers to buy be accepted, in the US prior to
the time the registration statement becomes effective. No offering
of securities shall be made in the US except by means of a
prospectus meeting the requirements of Section 10 of the United
States Securities Act of 1933, as amended. "The directors of
Harmony accept responsibility for the information contained in this
announcement. To the best of the knowledge and belief of the
directors of Harmony (who have taken all reasonable care to ensure
that such is the case), the information contained in this
announcement is in accordance with the facts and does not omit
anything likely to affect the import of such information.
DATASOURCE: Harmony Gold Mining Company Limited CONTACT: Harmony
Gold - Ferdi Dippenaar, +27-11-684-0140, or +27-82-807-3684, or
Corne Bobbert, +27-11-684-0146, or +27-83-380-6614; United States -
Financial Dynamics Business Communications - Hollis Rafkin-Sax,
+1-212-850-5789, or +1-917-509-0255, , or Torie Pennington,
+1-212-850-5629, or +1-917-838-1369, ; South Africa - Beachhead
Media & Investor Relations - Jennifer Cohen, +27-0-11-214-2401,
or +27-0-82-468-6469, , or Patrick Lawlor, +27-0-11-214-2410, or
+27-0-82-459-6709, ; United Kingdom - Financial Dynamics Business
Communications - Nic Bennett, +44-0-207-269-7115, or
+44-0-7979-536-619, , or Charles Watenphul, +44-0-207-269-7216, or
+44-0-7866-438-013, ; US Information Agent - MacKenzie Partners,
Inc. - Daniel Burch, +1-212-929-5500, , or Steve Balet,
1-800-322-2885
Copyright
Gold Fields (NYSE:GFI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Gold Fields (NYSE:GFI)
Historical Stock Chart
From Jul 2023 to Jul 2024