Gold Fields Says No Bid - TheStreet

Gold Fields Says No Bid

News comes as takeout talk lifts the stock.
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Gold Fields

(GFI) - Get Report

rose 3% Wednesday even as the South African miner said it hasn't been approached by possible buyers.

The company made the comments hours after

Bloomberg News

reported that U.S. financier Edward Pastorini was preparing a bid for the company. Gold Fields' CEO earlier told Reuters that the company hadn't been approached and the bid talk was "unsubstantiated."

"With reference to recent media speculation," the company said in a midmorning press release, "Gold Fields confirms that it has not been approached by any party wishing to make a bid for the company."

Earlier,

Bloomberg

said Pastorini was preparing to lead a bid for the fourth-biggest gold miner, looking to cash in on rising gold prices.

"The LBO firms, corporate raiders and I feel that gold is going to rise to over $1,000 an ounce over the next two to three years,"

Bloomberg

said Pastorini wrote in an email. "It makes sense to own one of the best gold companies and enhance the values of each of its gold mines separately in the markets."

Shares were rising 63 cents to $19.91.