Gold Fields withdraws from securities regulation panel

摘要

London--The subject of a 5.6-bil dollars hostile bid from Harmony Gold, Gold Fields said Mar 16 that it would withdraw from the Securities Regulation Panel arbitration proceedings and challenge the SRP's conduct before the South African high court. The Gold Fields board of directors met earlier, and in a statement said that it was withdrawing from the proceedings on the basis of "previously undisclosed correspondence between [the executive director of the SRP and Harmony's legal advisors." It said this showed evidence of a "secret ruling" issued by the SRP executive director to Harmony in December 2004, which in effect sought to extend the timeframe for the company's hostile bid from late December until Jan 31, 2005. Gold Fields had tried to convince the SRP the bid had lapsed due to the expiration of the 60-day period during which the offer must become unconditional. In response to the new legal challenge, Harmony was swift to issue a press release accusing Gold Fields of wasting its shareholders' money.