Gold Fields board urges takeover rejection: The board of Gold Fields Ltd. yesterday urged its shareholders to reject an $8.1- billion hostile takeover bid by its smaller South African gold producing rival, Harmony Gold Mining Co. Ltd., saying the all-stock offer was too low. The deal would create the world's leading gold mining company based on production, reserves and resources and the second largest by market capitalization. But Ian Cockerill, the chief executive officer of Gold Fields, said the offer was funded by overvalued Harmony shares and failed to offer fair value for Gold Fields stock. Gold Fields shareholders are scheduled to vote on the Harmony offer during a special meeting on Nov. 12. (Associated Press)