HSBC and Investec, the investment banks, are advising Harmony, the South African gold company, on its 53bn rand (€6.6bn) unsolicited offer for larger rival Gold Fields. Harmony is attempting to disrupt a pre-agreed merger between Gold Fields and IamGold, a Canadian gold producer.

Banking sources confirmed that Goldman Sachs and JP Morgan are advising Gold Fields on the bid by Harmony. Gold Fields did not return calls seeking confirmation.