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ARTICLE · 06 JULY 2005

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Cliffe Dekker Hofmeyr
Cliffe Dekker Hofmeyr
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Cliffe Dekker Hofmeyr

Cliffe Dekker Hofmeyr

Cliffe Dekker Hofmeyr (CDH) is one of the largest full-service business law firms in South Africa,...

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The South African corporate world recently stood in trepidation of a momentous decision by the Supreme Court of Appeal ("SCA") which could have resulted in most, if not all, share for share offers made to shareholders of public companies concluded during the past few decades being declared unlawful.

South AfricaFinance and Banking

Article by David Pinnock and Quintin Honey

The South African corporate world recently stood in trepidation of a momentous decision by the Supreme Court of Appeal ("SCA") which could have resulted in most, if not all, share for share offers made to shareholders of public companies concluded during the past few decades being declared unlawful.

The matter involved the hostile offers made by Harmony Gold Mining Company Limited (represented by Cliffe Dekker) to acquire all the shares in Gold Fields Limited by way of offering newly issued Harmony shares in exchange for Gold Fields shares. Harmony's audacious hostile bid has attracted enormous attention and debate, both because of the large market capitalisations of the companies involved, and as one of very few hostile offers to have been launched in the South African market. The fact that the matter had been brought before the SCA in the shortest ever time for such an appeal and the fact that the Harmony bid would have been

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