Anglo American - (Seite 64)

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schöner Artikel:

http://www.mineweb.com/mineweb/view/mineweb/en/page67?oid=85…

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News Release

22 June 2009


ANGLO AMERICAN RESPONSE TO MERGER PROPOSAL




On 21 June the Board of Anglo American plc ('Anglo American' or 'the Group') announced that it had received a preliminary proposal from Xstrata plc ('Xstrata') in relation to a potential transaction involving the Group.


The Board of Anglo American has regularly reviewed its strategic alternatives, including the rationale for a combination with Xstrata, as a way of progressing Anglo American's objectives. In view of Xstrata's formal request that Anglo American should now consider a merger, the Board has updated its views on the merits of a potential combination.


The Board has concluded that a combination with Xstrata would profoundly impact the nature of the Group's portfolio by significantly diluting Anglo American's unique exposure to the structurally attractive platinum, iron ore and diamond markets while increasing exposure to nickel and zinc.


In reaching its view the Board has also had particular regard to the comparative quality and life of the producing assets and the growth to be delivered from the respective project portfolios of the two companies.


The Board also believes that the integrated approach to asset optimisation and procurement that the Group has implemented will deliver substantial further cost savings for the benefit of Anglo American shareholders.


The Board has therefore concluded that the strategic case for the combination is unattractive for Anglo American shareholders. Irrespective of this lack of strategic merit, the terms proposed by Xstrata were totally unacceptable.


In the light of the review the Board of Anglo American has unanimously concluded that the proposed combination with Xstrata would not be in the interest of Anglo American shareholders.

[brettonwoods]

mahlzeit: nochmal weitere Infos:

http://goldinvest.de/public/count_story.asp?url=story_detail…

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RNS Number : 2378U
Anglo American PLC
22 June 2009




News Release

22 June 2009

Anglo American Rule 2.10 announcement - relevant securities in issue



In accordance with Rule 2.10 of the City Code on Takeovers and Mergers, Anglo American plc (the 'Company') confirms that it has 1,316,490,826 ordinary shares of US$0.54945 each in issue as at 21 June 2009, excluding Treasury Shares. The shares in issue include 112,300,129 shares held by Epoch Investment Holdings Ltd, Epoch Two Investment Holdings Ltd and Tarl Investment Holdings Ltd, the independent companies which purchase shares as part of the Company's share buyback programme. They have waived the right to vote all the shares they hold or will hold in Anglo American plc. The ISIN reference for Anglo American plc's ordinary shares is GB00B1XZS820.


In addition, the Company currently has US$1,700 million convertible bonds in issue. The bonds are convertible into fully paid ordinary shares of the Company at any time during the period from 17 June 2009 to 28 April 2014. The number of shares to be issued upon exercise of the conversion right shall be determined by dividing the principal amount of the bond (translated into pounds sterling at the fixed rate of US$1.4893/£1.00) by the conversion price. The conversion price at the date of issue of the bonds was £18.6370. The conversion price is subject to adjustment including in respect of any dividend or distribution made by the Company or if a change of control shall occur. The ISIN reference for the convertible bonds is XS0424806734.


Dealing Disclosure Requirements


Under the provisions of Rule 8.3 of the Takeover Code (the 'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of 'relevant securities' of Anglo American or Xstrata plc ('Xstrata'), all 'dealings' in any 'relevant securities' of that company (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of Anglo American or Xstrata, they will be deemed to be a single person for the purpose of Rule 8.3.


Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant securities' of either Anglo American or Xstrata by Anglo American or Xstrata, or by any of their respective 'associates', must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.


A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk.


'Interests in securities' arise, in summary, when a person has long economic exposure, whether absolute or conditional, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.


Terms in quotation marks are defined in the Code, which can also be found on the Takeover Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8, you should consult the Panel.

This information is provided by RNS
The company news service from the London Stock Exchange

END

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21.06.2009 17:39
Bergbaukonzern Xstrata will mit Anglo American fusionieren

DJ Bergbaukonzern Xstrata will mit Anglo American fusionieren

LONDON (Dow Jones)--Der britisch-schweizerische Minenkonzern Xstrata prüft einen Zusammenschluss mit dem Wettbewerber Anglo American. Die Briten bestätigten am Sonntag, einen entsprechenden vorläufigen Vorschlag von Xstrata erhalten zu haben, der möglicherweise zu einer Transaktion führen könnte.

Zuvor hatte der "Sunday Telegraph" ohne Angabe von Quellen berichtet, dass Xstrata dem Wettbewerber einen Deal über 41 Mrd GBP vorgeschlagen habe.

Durch eine Fusion beider Konzerne würde einer der größten Rohstoffkonzerne neben Rio Tinto und BHP Billiton entstehen. Die Marktkapitalisierung von Anglo liegt derzeit bei 21,4 GBP; die von Xstrata bei 20 Mrd GBP. Die Londoner Rio Tinto plc kommt unterdessen auf 36,9 Mrd GBP und der australische Branchenprimus BHP Billiton Group auf rund 78,2 Mrd GBP.

Details nannte Anglo American am Sonntag nicht. Beide Unternehmen - Xstrata und Anglo - verfügen bereits über verschiedene Joint Ventures.

Eine mit der Situation vertraute Person sagte zu Dow Jones Newswires am Sonntag, dass die beiden Konzerne sehr unterschiedliche Managementmodelle verfolgen. Zudem sei das Kostensenkungspotenzial infolge eines solchen Deals eher begrenzt, fügte die Person hinzu.

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Antwort auf Beitrag Nr.: 37.437.036 von moneyscheffler am 21.06.09 21:55:05

m.M. etwa 37,00;

habe mir 1,343 Mrd. Aktien notiert

[moneyscheffler]

Weiß jemand wieviel 50 Mrd. Euro pro Aktie ausmachen ?
Sänks.

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21.06.2009 14:50
BRIEF-Anglo American says received Xstrata proposal

LONDON, June 21 (Reuters) - Anglo American PLC:

* Confirms it received a preliminary proposal from Xstrata

* Says proposal may or may not lead to a transaction

* Says situation at a very preliminary stage

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June 15, 2009
Furious big investors turn their guns on Anglo American chief
David Robertson and Jonathan Clayton

Cynthia Carroll, the chief executive of Anglo American, has lost the confidence of leading shareholders who want her to consider merging the London-listed mining giant with its rival Xstrata.

Some big investors have drastically reduced their shareholdings in Anglo over the past year because of concerns over Mrs Carroll's leadership. They accuse her of overpaying for acquisitions and failing to deliver in the day-to-day management of the company.

“There are three reasons we sold: Cynthia, Cynthia and Cynthia,” one shareholder said. “It's nothing personal. We just don't think she has done a good job.”

The criticism comes as Anglo grapples with problems at De Beers, the diamond miner, in which it has a 45 per cent holding, which is in negotiations with bankers over $1.5 billion (£910 million) of debt scheduled to be repaid in March. Anglo shareholders are concerned that De Beers may need a cash injection. In February, De Beers borrowed $500 million interest-free from its three shareholders: Anglo, the Oppenheimer family and the Government of Botswana.
Related Links

* Anglo American seeks Alaska mine approval

* Cyclone Cynthia shakes up Anglo

Anglo is also struggling to find a new chairman acceptable to the Government of South Africa, which has accused City institutions of racism for blocking the appointment of a black candidate.

These difficulties have prompted speculation that Anglo may be forced to consider a £45 billion merger with Xstrata if the Anglo-Swiss miner were to make an approach. Mick Davis, the South African chief executive of Xstrata, is coming under pressure from some of his own shareholders to pursue a merger but no discussions have taken place. Each of the miners is valued at about £22.5 billion.

Rebecca O'Dwyer, an Investec mining analyst, said: “Anglo would make a lot of shareholders happy if they did a deal with Xstrata. It is such a big job running Anglo that some shareholders think the only person who could do it would be Mick Davis.”

Anglo had lined up Sir John Parker, the chairman of National Grid, to head its board, but his appointment was blocked by the South African Government, which is the company's largest shareholder through public pension funds.

Fred Phaswana, the chairman of its Anglo Platinum subsidiary, was proposed as an alternative but was rejected by the City.

A senior adviser to the South African Government said: “There is a mixture of things going on and certainly maybe a whiff of racism on the part of the City in rejecting Phaswana.”

People close to the Anglo board rejected the allegation of racism and insisted that Mr Phaswana was not sufficiently well known to international shareholders.

The Anglo board is understood to want to avoid appointing a “politically correct” candidate. A possible compromise might be Nicky Oppenheimer, the chairman of De Beers. Sir Mark Moody-Stuart, the present chairman of Anglo, has agreed to stay on until next year.

Anglo shareholders are unhappy that Anglo axed its dividend without warning this year. Mrs Carroll said that this was done partly to fund the acquisition of MMX, a Brazilian iron ore operation bought for $4.4 billion.

A spokesman for Anglo said that many mining-sector acquisitions looked bad in hindsight but that the long-term value of MMX had not changed.

He added that investors had shown confidence in Anglo this year when its $3.7 billion bond issue was heavily oversubscribed.

[meinolf67]

HIGH DEBT RATIO
The case for unbundling Anglo American

As Moody's cuts Anglo American's credit rating, with a negative outlook, the specter of collapsing the group's pyramid structure looms ever larger.
Author: Barry Sergeant
Posted: Tuesday , 24 Feb 2009

JOHANNESBURG -

Following Anglo American's announcement of 2008 results on Friday, an event that hardly charmed investors, Moody's, the credit rating agency, has cut its rating on the diverse mining group, and also added a negative outlook. Anglo American on Friday passed a dividend for the first time in 70 years, and unveiled more debt than a number of investors had been anticipating. Anglo American currently ranks as one of the worst performing mining stocks in the world.

Measured by prices in London, where Anglo American has held its primary listing since 1999, the stock has surrendered more than 70% of its value from its high point in May 2008, leaving it with a current capitalisation of just over USD 19.2bn, compared to USD 70bn at the top. On 31 December 2008, Anglo American's net debt was at USD 11bn, more than double than a year earlier.

Relative to Anglo American's market value, this is one of the highest debt ratios among large mining companies anywhere, rivaled by the likes of Xstrata, now busy with a hugely dilutive rights issue, and Rio Tinto, busy trying to raise USD 19.4bn from Chinalco, a Chinese aluminium maker. Rio Tinto wants to sell Chinalco debt notes convertible into its equity, and also underlying equity stakes in some of its best mining assets. The proposed deals remain controversial.

Looming above everything, of course, are weak commodity prices (apart from gold), the ongoing credit markets crisis, the global slowdown, and depressed equity markets. Moody's expects that Anglo American's financial profile "will remain weakly positioned in the intermediate term considering the outlook for the group's operating profitability and cash flow, which should result in net funding requirements and further build-up in debt".

While Anglo American's market value currently hangs at USD 19.2bn, it currently ranks as 9th biggest miner in the world, a sharp move down from just years ago. Anglo American currently owns 80% of Anglo Platinum, which has slipped to 21st ranking among global miners with a stock price that remains as depressed as that of its parent company. Anglo American also owns 63% of Kumba Iron Ore; the stakes in Anglo Platinum and Kumba Iron Ore are currently worth nearly USD 11bn, more than half of Anglo American's current market value.

Anglo American's pyramid-style profile is further raised by minority stakes it holds in a number of unlisted assets. During 2008, Samancor Manganese, in which Anglo American holds 40%, was one of the group's bigger profit contributors. The other 60% is held by BHP Billiton, which also operates Samancor Manganese. The biggest copper mine in the Anglo American group, Chile's Collahuasi, is 40% held by Anglo American; Xstrata is the other big shareholder there. Anglo American holds 45% in unlisted De Beers, which last week emerged as requiring USD 500m in the form of loans from shareholders, in the face of a collapsing diamond market.

Anglo American also holds minority interests in listed entities such as Exxaro, Palabora, and AngloGold Ashanti (an 11.8% stake currently worth USD 1.3bn), and also 50% of Northern Dynasty. Starting July 2007, Anglo American entered a 50:50 joint venture with Northern Dynasty to develop the Pebble copper-gold-molybdenum project in Alaska, with Anglo American committed to USD 1.4bn in funding. Anglo American has demands in all directions, not least after the acquisition of controlling stakes in Brazil's Minas-Rio and Amapa iron ore projects for USD 5.5bn in 2008.

Depending on how the various global cycles play out, Anglo American may come under pressure to unleash some radical surgery with its parts undoubtedly worth more than the whole. Just last week Mvelaphanda Resources announced that it would look to collapsing its pyramid structure, by selling down its stake in Gold Fields, paying down its debt, and recapitalizing its key interest, Northam, so that it could develop its world-class Booysendal project. In the end game, Mvelaphanda Resources would unbundle its shares in Northam, leaving a more transparent, and stronger, structure. Under acute pressure, Anglo American on Friday announced that it had "reduced our shareholding in AngloGold Ashanti to 11.8%", realising total proceeds of USD 434m.