9 Mar 2004

South African company bids for Fiji's Emperor gold mine

1:03 pm on 9 March 2004

South African mining company, Durban Roodepoort Deep, or DRD, has announced its intention to take over Fiji's Emperor Gold Mining Company.

DRD, which is the world's ninth largest gold producer with mines in Australia, Papua New Guinea and South Africa, already owns nearly 20 percent of Emperor.

But it wants to take over all of the company by offering one DRD share for every five Emperor shares.

DRD's chief executive, Ian Murray, says based on the closing prices of shares last Friday, their offer represents a 32 percent premium for Emperor shareholders.

But Emperor's board has advised its shareholders not to take any action until after an independent report is commissioned.