Britain cleared the way for a hostile...

Britain cleared the way for a hostile $4.9-billion offer for Consolidated Gold Fields PLC by South African-controlled Minorco SA. The Monopolies and Mergers Commission decided that the offer for the London-based mining and minerals company--which would be Britain’s biggest takeover ever--would not be against the public interest. However, the bid--which would combine the world’s two largest gold-mining concerns--faces at least one major obstacle in the United States. A U.S. Circuit Court of Appeals in New York is deciding whether to uphold a lower court injunction that blocks the merger on antitrust grounds.