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London-based Consolidated Gold Fields says Chemical Bank’s...

London-based Consolidated Gold Fields says Chemical Bank’s pledge not to finance new takeovers by corporations tied to South Africa does not go far enough. Gold Fields is resisting a hostile bid from Minorco SA, a Luxembourg-based investment arm of South African gold and diamond giants Anglo American Corp. and De Beers Consolidated Mining. Chemical, the big New York bank, has come under pressure from U.S. officials and civil-rights activists for agreeing to finance the takeover attempt. The bank has told New York officials that it is obligated to finance the Minorco bid, which has been delayed pending a British investigation, but would avoid similar deals in the future. Gold Fields said in a statement that Chemical is not legally bound to finance the takeover since a resumption of Minorco’s effort would constitute a new bid.


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