If Xstrata announces that it does not intend to make an offer for Anglo American, Xstrata and any person acting in concert with it will, except with the consent of the Takeover Panel Executive, be bound by the restrictions contained in Rule 2.8 of the Code for six months from the date of such announcement. On 22 June, the Board of Anglo American unanimously rejected Xstrata's proposal as not being in the best interests of its shareholders. The Board stated that it considered the strategic case for the combination to be unattractive for Anglo American and, furthermore, the terms proposed by Xstrata to be totally unacceptable. Nothing since then has changed the Board's view and the Board reiterates its emphatic rejection of Xstrata's approach.
By 20 October, Xstrata will have had four months to either announce a formal offer or withdraw and Anglo American believes it is in the interests of the Group and its shareholders that this period of uncertainty is brought to an end.
Sir John Parker, Chairman of Anglo American said: "Having reviewed with management and advisors the value creation potential at Anglo American relative to Xstrata's merger proposal and having met our shareholders in the UK, South Africa and USA, we have reaffirmed our conclusion that Xstrata's proposal is not in the interests of our shareholders. We have made our position on Xstrata's proposal very clear and we welcome the Panel's decision today."
As required by the Code, Anglo American confirms that this announcement is not being made with the agreement or approval of Xstrata. A further announcement will be made in due course.
Hulle se dat Xstrata gaan nie 'n aanbod maak op die 20 Oktober, hulle gaan eers wag dat Anglo American se bestuur weer opslip. Ek is nie so seker, hou maar die 20ste dop.
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