JOHANNESBURG – South Africa’s Harmony confirmed yesterday that the High Court dismissed a lawsuit by Gold Fields Ltds seeking to halt a hostile takeover bid by Harmony.
“The South African High Court today dismissed an application by Gold Fields Limited to declare Harmony’s offers to Gold Fields’ shareholders unlawful and to interdict their implementation,” a statement to the bourse said. An industry source had earlier told Reuters about the ruling.Harmony, the world’s sixth-biggest gold producer, is seeking to create the top-ranking firm in the sector by buying fourth-biggest Gold Fields in a all-share deal valued at around US$7 billion (N$43,4 billion).-Nampa-ReutersAn industry source had earlier told Reuters about the ruling.Harmony, the world’s sixth-biggest gold producer, is seeking to create the top-ranking firm in the sector by buying fourth-biggest Gold Fields in a all-share deal valued at around US$7 billion (N$43,4 billion).-Nampa-Reuters
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