Pastorini-led group may bid for gold fields
US financier Edward Pastorini may lead a bid for Gold Fields, the world’s fourth-largest gold producer, to tap the rising price of bullion. Gold Fields has a market value of $12.5 billion.
By Agencies |
JOHANNESBURG: US financier Edward Pastorini may lead a bid for Gold Fields, the world’s fourth-largest gold producer, to tap the rising price of bullion. Gold Fields has a market value of $12.5 billion. The group plans to make a cash and share offer as early as June for the Johannesburg-based miner, internal documents sent to agencies show.
Pastorini, in a telephone interview and e-mails from San Francisco, declined to identify members of the group other than to say they include rival gold-mining companies.
“The LBO firms, corporate raiders and I feel that gold is going to rise to over $1,000 an ounce over the next two to three years,” he said in an e-mailed response to questions Tuesday. “It makes sense to own one of the best gold companies and enhance the values of each of its gold mines separately in the markets.” Gold Fields owns the world’s largest deposit of the metal in South Af-rica and the biggest gold mine in Africa.
The company also has assets in Ghana, Australia, Venezuela and Peru. Gold has more than doubled to about $680 an ounce from a 20-year low in 1999, as investors seek a hedge against inflation and a weakening dollar.
Pastorini, in a telephone interview and e-mails from San Francisco, declined to identify members of the group other than to say they include rival gold-mining companies.
“The LBO firms, corporate raiders and I feel that gold is going to rise to over $1,000 an ounce over the next two to three years,” he said in an e-mailed response to questions Tuesday. “It makes sense to own one of the best gold companies and enhance the values of each of its gold mines separately in the markets.” Gold Fields owns the world’s largest deposit of the metal in South Af-rica and the biggest gold mine in Africa.
The company also has assets in Ghana, Australia, Venezuela and Peru. Gold has more than doubled to about $680 an ounce from a 20-year low in 1999, as investors seek a hedge against inflation and a weakening dollar.
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