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Patrice Motsepe's Harmony Gold, launched a US $8 billion bid to become worlds largest mining company

By: Errol I. Mars

Harmony, chaired by businessman Patrice Motsepe, has launched a US $8 billion bid for Gold Fields. Harmony is currently the world's sixth-largest gold miner, and, if it acquires GoldFields, the resulting merged company would become the world's largest by both production and reserves.

If the deal takes place, it would be an all-stock acquisition, with Harmony issuing 1.275 new shares in payment for each share of Gold Fields. The deal would value Gold Fields at more than $8 billion. However, Gold Fields' board of directors unanimously rejected Harmony's bid as too low.



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