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No surrender

7 January 2005 By Edward Hadas

The conversations cannot be easy. Gold Fields, Harmony and Norilsk all have good reasons to distrust each other. But they are all also under strong pressure to find a peaceful solution. That requires someone to abandon an entrenched position. The Harmony bid for Gold Fields is out of the money. And Norilsk must not be too happy with its ally. So it wants to talk. Gold Fields is willing to listen, because it does not like having 32% of its shares in hostile hands. But there is no obvious alternative.

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