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22 / 06 / 09 in
Anglo stresses early-stage nature of Xstrata 'proposal'
The board of diversified mining group Anglo American confirmed on Sunday that it had indeed received a "preliminary proposal" from its smaller Swiss-based rival, Xstrata.
However, the London-domiciled company stressed in a statement, which it indicated had been issued in response to media speculation, that the "situation is at a very preliminary stage".
It added that the proposal "may or may not lead to a transaction".
In response to the Anglo statement, Xstrata confirmed that it had recently sent a "written proposal" to the Anglo board, in which it suggested that "a merger of equals" be considered.
Xstrata argued that it viewed the case for such a transaction as "highly compelling", highlighting, in particular, “substantial operational synergies”, and the potential for enhanced shareholder returns from the “optimisation and reprioritisation of the combined company’s organic growth pipelines”.
However, it too offered "no assurance that any transaction will be forthcoming".
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