M E D I A
R E L E A S E
Gold Fields Limited
Reg. 1968/004880/06
24 St Andrews Road
Parktown, 2193
Postnet Suite 252
Private Bag X30500
Houghton, 2041
South Africa
Tel +27 11 644-2400
Dir +27 11 644-2460
Fax +27 11 484-0639
www.goldfields.co.za
Enquires
South Africa
Willie Jacobsz
Tel +27 11 644-2460
Fax +27 11 484-0639
North America
Cheryl A Martin
Tel +1 303 796-8683
Fax +1 303 796-8293
Harmony offer for Gold Fields
is not unconditional
Johannesburg 18 May 2005. Harmony Gold Mining Company
Limited (“Harmony”) issued a press release on 17 May 2005 stating
inaccurately that its hostile offer for Gold Fields Limited (GFI: JSE and
NYSE) (“Gold Fields”) is unconditional in all respects following last
week’s approval by the South African Competition Tribunal approval of
the proposed merger.
Harmony’s bid is not unconditional and will not be, pending an appeal
against the whole of the order of the Competition Tribunal to South
Africa’s highest and final competition authority, the Competition Appeal
Court (“CAC”).
After announcing on 10 May 2005 its intention to appeal the
Competition Tribunal ruling, Gold Fields has noted an appeal against
the whole of the order of the Competition Tribunal to the CAC, inter
alia on the basis that the Tribunal erred in failing to find that the
proposed merger is likely to substantially prevent or lessen
competition and that the proposed merger cannot be justified on
substantial public interest grounds having regard to the factors set out
in the Competition Act.
The Harmony offer document clearly states that the proposed merger
is subject to approval by the South African Competition Authorities.
The offer will therefore remain conditional pending the final
determination by the CAC of the permissibility of the proposed merger.
As a result of Gold Fields’ appeal:
·
Harmony’s subsequent offer has not become unconditional;
·
Harmony may not, in terms of the provisions of the Competition
Act and the terms of the Harmony offer, implement the
subsequent offer; and
·
The CAC’s interdict of Harmony voting any of its shares in Gold
Fields until final determination by the competition authorities of the
merger application therefore stands, and Harmony may not vote
such shares as it may have acquired in the early settlement offer
or otherwise until the CAC has finally determined Gold Fields’
appeal.
2/………
Directors: C M T Thompson* (Chairman), A J Wright (Deputy Chairman), I D Cockerill
†
(Chief Executive Officer),K Ansah
#
, G J Gerwel, N J Holland
†
(Chief
Financial Officer), J M McMahon
†
, G R Parker
‡
, R L Pennant-Rea
†
, P J Ryan, T M G Sexwale, B R van Rooyen, C I von Christierson
*Canadian,
†
British,
‡
American,
#
Ghanaian.
Corporate Secretary: C Farrel