Deals
Harmony Gold Rises the Most in Two Years on Takeover Speculation
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Harmony Gold Mining Ltd., Africa’s third-largest producer of the metal, rose the most in more than two years in Johannesburg trading after RBC Capital Markets said the mining company may become a takeover candidate.
The stock jumped 12 percent to 98.40 rand at the 5 p.m. close, the biggest one-day gain since November 2008, valuing the Johannesburg-based company at 42.3 billion rand ($6.2 billion). RBC’s Leon Esterhuizen yesterday raised Harmony to “outperform” from “sector perform,” citing it as a possible takeover target.