From mineweb.net The chief executive of South Africa's Gold Fields Ltd said on Wednesday he was aware of a bid rumour that sent its shares surging, but that the firm has not been approached about a takeover. "We have been aware of a rumour, but we have not been approached and frankly we never, ever comment on any unsubstantiated rumours, and at this stage it's unsubstantiated," Ian Cockerill told Reuters. Bloomberg News reported that U.S. financier Edward Pastorini may lead a bid for Gold Fields Ltd, the world's fourth biggest gold producer.The report said a group led by Pastorini, which includes rival gold mining firms, plans to make a cash and share offer as early as June, Bloomberg said, citing internal documents. Gold Fields has a market capitalisation of 95.5 billion rand following a jump in its shares. The shares surged 11.1 percent to a peak of 152.50 rand, but pared gains to trade 6.5 percent firmer at 146.10 rand by 1010 GMT, outpacing a slightly firmer Johannesburg Top-40 index of blue-chip stocks. "Quite interesting that a private equity buyout would look at a company like that," a Johannesburg trader said. "I suppose investors should be aware that Harmony has a big stake in Gold Fields shares and the buyout could lead to a re-rating of the sector." Harmony received a 2.75 percent stake in Gold Fields when it tendered its stake in Western Areas to Gold Fields.
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