Consolidated Gold Fields PLC v. Minorco, S.A.

871 F.2d 252 (1989)

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Consolidated Gold Fields PLC v. Minorco, S.A.

United States Court of Appeals for the Second Circuit
871 F.2d 252 (1989)

Facts

Gold Fields (plaintiff) wholly owned GFMC (plaintiff). Both companies were engaged in the gold-mining business. Gold Fields also had a 49.3 percent ownership of Newmont (plaintiff). Newmont had a 90 percent ownership of Newmont Gold (plaintiff), which was the largest gold maker in the United States. Minorco (defendant) attempted a hostile takeover of Gold Fields. Gold Fields, GFMC, Newmont, and Newmont Gold brought suit against Minorco in federal district court seeking an injunction against the merger under the Clayton Act, alleging antitrust injury. Minorco opposed the injunction, arguing that neither the target of a takeover nor entities controlled by the target could demonstrate any antitrust injury sufficient to confer standing. There was no question that once Minorco completed the takeover, it would attempt to close down Newmont and Newmont Gold. Likewise, it was undisputed that Gold Fields would cease to exist as an independent entity once the takeover was complete. The district court granted injunctive relief to all of the plaintiffs, finding that they had standing. Minorco appealed.

Rule of Law

Issue

Holding and Reasoning (Newman, J.)

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