Minorco Deal Opposed: New York City’s pension...

Minorco Deal Opposed: New York City’s pension fund is threatening to sell its Chemical Banking Corp. stock if the bank helps finance a South African-controlled company’s hostile bid for Britain’s Consolidated Gold Fields PLC. A Chemical Bank spokesman said the bank was legally bound to participate in the promised lending for Minerals & Resources Corp., or Minorco. Chemical has agreed to lend Minorco $523 million toward the $3.8-billion purchase price for Consolidated Gold, a major international mining company. The pension fund, which holds 237,000 shares worth about $7.4 million, objects because of the republic’s anti-apartheid policies.