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Release Date: 05/11/2004 15:48:06      Code(s): HAR
COMPETITION COMMISSION                                                          
HARMONY GOLD MINING COMPANY LIMITED                                             
(Incorporated in the Republic of South Africa)                                  
(Registration number 1950/038232/06)                                            
Share code: HAR     ISIN: ZAE000015228                                          
NEWS RELEASE FROM HARMONY                                                       
5 November 2004                                                                 
Despite further delaying tactics by the Board of Gold Fields Limited ("Gold     
Fields"), Harmony has finally received permission to notify as a separate party 
in its bid for all of Gold Fields after applying to make its submissions almost 
two weeks ago. In addition, Gold Fields has lodged an urgent interdict against  
us around the Early Settlement Offer with the Tribunal, which will be heard 12  
November 2004.                                                                  
"In the case of an unsolicited offer," explained Harmony lawyer Jean Meijer, a  
partner at CliffeDekker, "the acquiring firm must apply to the Commission for   
permission to file separate notification of the merger.  On receipt of the      
notification, the Commission will advise the target firm of the notification and
give directions to the target firm on how to comply with the notification       
requirements. If the target firm fails to comply with the directions within 10  
business days, the acquiring firm may apply to the Commission for permission to 
file on behalf of the target firm."                                             
"We are required to give guidance to the Competition Commission about the impact
our merger with Gold Fields could have on employment. We believe that no more   
than 1000-1500 jobs will be lost and these will take place at a management      
level," said Harmony CE Bernard Swanepoel.                                      
Harmony"s merger filing details that the company expects to have to retrench no 
more than 1.01% of the workers in the combined company.                         
The Harmony Way means that the company strives to flatten management and empower
those working on the mines. Harmony therefore does not have intermediate or     
regional structures between the chief executive officer and the mine managers,  
plant managers and service managers.  This will be the main cause of            
retrenchments, together with the duplication in head office structures.         
"Harmony has saved 48 000 jobs working in mines that other companies would have 
closed down. The communities of Welkom, Virginia and Odendalsrus, for instance, 
would have suffered exacerbated unemployment if traditional mining methods were 
employed where Gold Fields previously mined," said Bernard.                     
The notification requirements are only fulfilled after the Commission has       
received all the requisite information from both the acquiring and the target   
firms. The initial period for the consideration of the merger does not start    
until such time as the merger parties have complied with the notification       
"We hope that Gold Fields management does not continue on its path of delaying  
our offer to their shareholders at the Commission and that they file their      
notification in a reasonable time period," said Bernard.                        
The proposed transaction is categorised as a large merger in terms of the       
Competition Act No. 89 of 1998.  The Commission has 40 business days to         
investigate the merger and make a recommendation to the Competition Tribunal.   
The Commission may apply to the Tribunal for an extension of the time period,   
provided that the Tribunal may not grant an extension of more than 15 business  
days at a time.  The registrar of the Tribunal must schedule a date for the     
hearing or the pre-hearing within 10 business days of receipt of the            
Commission"s recommendation.                                                    
After holding a public hearing in relation to the merger, the Tribunal must     
approve the merger, approve the merger subject to conditions or prohibit        
implementation of the merger.  In reaching its decision, the Tribunal must      
consider whether the merger is likely to substantially prevent or lessen        
competition and must consider whether the merger can or cannot be justified on  
substantial public interest grounds and, in particular: the impact of the merger
on a particular industrial sector or region; employment; the ability of small   
businesses or firms controlled or owned by historically disadvantaged person, to
become competitive; and the ability of national industries to compete in        
international markets.                                                          
Issued by (direct line, mobile, email):                                         
Harmony Gold                                                                    
Ferdi Dippenaar     +27 11 684 0140          +27 82 807 3684                    
Corne Bobbert       +27 11 684 0146          +27 83 380 6614                    
South Africa - Beachhead Media & Investor Relations                             
Jennifer Cohen      +27 (0)11 214 2401  +27 (0)82 468 6469  jennifer@bmsa.co.za 
Patrick Lawlor      +27 (0)11 214 2410  +27 (0)82 459 6709  patrick@bmsa.co.za  
United States - Financial Dynamics Business Communications                      
Hollis Rafkin-Sax        +1 212 850 5789          +1 917 509 0255     hrafkin-  
Torie Pennington         +1 212 850 5629          +1 917 838 1369 tpennington@fd
United Kingdom - Financial Dynamics Business Communications                     
Nic Bennett         +44(0)207 269 7115  +44(0)7979 536 619                      
Charles Watenphul   +44(0)207 269 7216  +44(0)7866 438 013                      
US Information Agent - MacKenzie Partners, Inc                                  
Daniel Burch        +212 929 5500                 proxy@mackenziepartners.com   
Steve Balet         +800 322 2885                                               
In connection with the proposed acquisition of Gold Fields, Harmony has filed 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 American Depositary   
Shares (ADSs)) to be issued in exchange for Gold Fields ordinary shares held by 
Gold Fields shareholders located in the US and for Gold Fields ADSs held by Gold
Fields shareholders wherever located, 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 Securities and      
Exchange Commission (SEC), as well as any amendments and supplements to those   
documents, because they will 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), 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  
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 proxy@mackenziepartners.com. Investors and security holders  
may obtain a free copy of the Form 20-F filed with the SEC on October 5, 2004,  
as amended, and any other documents filed with or furnished to the SEC by       
Harmony at www.sec.gov.                                                         
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, 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 United States will only be made pursuant
to a prospectus and related offer materials that Harmony expects to send 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 United States prior to the time the           
registration statement becomes effective.  No offering of securities shall be   
made in the United States except by means of a prospectus meeting the           
requirements of Section 10 of the United States Securities Act of 1933, as      
Statements in this communication include "forward-looking statements" that      
express or imply expectations of future events or results.  Forward-looking     
statements are statements that are not historical facts.  These statements      
include financial projections and estimates and their underlying assumptions,   
statements regarding plans, objectives and expectations with respect to future  
operations, products and services, and statements regarding future performance. 
Forward-looking statements are generally identified by the words "expect,"      
"anticipates," "believes," "intends," "estimates" and similar expressions.  All 
forward-looking statements involve a number of risks, uncertainties and other   
factors, and Harmony cannot give assurances that such statements will prove to  
be correct.  Risks, uncertainties and other factors that could cause actual     
events or results to differ from those expressed or implied by the forward-     
looking statements include, without limitation, the satisfaction of closing     
conditions, the acceptance or rejection of any agreement by regulators, delays  
in the regulatory processes, changes in the economic or political situation in  
South Africa, the European Union, the United States of America and/or any other 
relevant jurisdiction, changes in the gold industry within any such country or  
area or worldwide and the performance of (and cost savings realised by) Harmony.
Although Harmony"s management believes that the expectations reflected in such  
forward-looking statements are reasonable, investors and holders of Gold Fields 
securities are cautioned that forward-looking information and statements are    
subject to various risks and uncertainties, many of which are difficult to      
predict and generally beyond the control of Harmony, that could cause actual    
results and developments to differ materially from those expressed in, or       
implied or projected by, the forward-looking information and statements.  These 
risks and uncertainties include those discussed or identified in the public     
filings with the SEC made by Harmony and Gold Fields, including those listed    
under "Cautionary Statement Concerning Forward-Looking Statements" and "Risk    
Factors" in the preliminary prospectus included in the registration statement on
Form F-4 that Harmony filed with the SEC.  Harmony does not undertake any       
obligation to update any forward-looking information or statements. You may     
obtain a free copy of the registration statement and preliminary and final      
prospectus (when available) and other public documents filed with the SEC in the
manner described above.                                                         
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.     
Date: 05/11/2004 03:48:12 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             

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