P.M. BRIEFING : Cons Gold Battles Second Suitor

British industrial conglomerate Hanson PLC today announced a $4.8-billion bid for the battle-scarred British mining giant, Consolidated Gold Fields PLC, which recently fended off another bidder.

Cons Gold quickly labeled the Hanson offer as inadequate. But analysts said they expect Hanson to win the mining concern eventually with a sweetened offer.

Hanson, with interests ranging from building materials to food retailing, said its offer amounted to a cash payment of $22.31 per share for the whole of Cons Gold’s ordinary share capital.