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’What the Sundays said: Xstrata, Lloyds, Terra Firma
Xstrata will offer a £5bn sweetener to seal its proposed merger with Anglo American, The Observer said. Citing City sources, the Observer said Xstrata would raise the money via a rights issue. But Xstrata told Reuters the deal “remains a nil premium merger of equals”.
Snap news
Breaking pre-markt news on Friday,
- Anglo America announces appointment of Sir John Parker as chairman — statement.
- London & Stamford Property to raise £225.8m through placing and open offer — statement.
Bullish Anglo picks new chairman
Anglo American is on Friday set to name Sir John Parker as its new chairman aiming to reassure shareholders that the international mining group has a strong independent future after its emphatic rejection of a merger offer from rival Xstrata,
Quote of the day, dirty dirty miners edition
Presented without comment, via The Guardian:
Takeover battles are usually about share price performance and profits growth but the tussle between the mining giants Xstrata and Anglo American has taken an unusual turn with a crass,
Anglo American shareholders dash Xstrata hopes for merger of equals
Xstrata’s proposed £40 billion merger with Anglo American has effectively collapsed after Anglo’s shareholders rejected the approach, according to the Times. The newspaper said “investors representing nearly 50 per cent of Anglo’s stock are understood to have rejected the Xstrata proposal,
Lex: Vale/Anglo/Xstrata
As the Brazilian miner bolsters its reserves, it is time for Cynthia Carroll and Mick Davis to have a chat.
The well-heeled bankers who dine at the same Johannesburg restaurants Anglo and Xstrata frequent say that Anglo chief executive Cynthia Carroll should at least meet her counterpart,
Lex: Anglo American
Are we watching a replay of Rio-BHP? And will shareholder reaction be the same?
Even if Anglo manages to avoid letting its biggest customer, China, inside its business by selling to a Gulf investor, shareholders have little reason to like this deal much more than they liked Rio/Chinalco.
Anglo American seeks Brazil stake buyer
Anglo American is sounding out potential investors for its Brazilian ore assets as it prepares a detailed response to Xstrata’s £40bn merger proposal and steps up the search for a new chairman. The UK-based miner has held informal talks with Gulf Industrial Investment Company,
Xstrata steps up pressure on Anglo
Xstrata stepped up pressure on Anglo American to join merger talks on Wednesday, publishing the letter it sent to the rival miner outlining $1bn of possible cost savings and other synergies. It came as Cynthia Carroll,
Dear Mark and Cynthia…
And so the bear hug begins.
17 June 2009
Strictly Private and Confidential
The Chairman and Chief Executive
Anglo American plc
20 Carlton House Terrace
London SW1Y 5AN
United Kingdom
Dear Mark & Cynthia,
Anglo investors press for Xstrata talks
Anglo American came under pressure from its shareholders on Tuesday to keep the door open to a possible merger with rival miner Xstrata. Some investors and analysts were surprised by the ferocity of Anglo’s initial rejection on Monday of Xstrata’s proposal for a nil-premium,
Anglo rejects Xstrata merger offer
Anglo American, the global miner, on Monday night flatly rejected Xstrata’s proposed all-share “merger of equals”, putting itself at odds with several big investors as it labelled the offer from its Anglo-Swiss rival “totally unacceptable”.
Xstrata in talks with Anglo American
Xstrata, the Swiss-based miner, has proposed a “merger of equals” with its rival, Anglo American, in a deal that could trigger fresh consolidation in the mining industry. Xstrata said on Sunday that a merger was “highly compelling”.
Xstrata approaches Anglo American
Sunday’s press release.
Zug, 21 June 2009
Xstrata plc (“Xstrata”) notes the announcement made by Anglo American plc (“Anglo American”) today. Xstrata confirms that it recently sent a written proposal to the Board of Anglo American seeking their consideration of a merger of equals of the two companies.
Another reason to vote down the Rio/Chinalco deal
Here’s something that’s likely to anger shareholders in Rio Tinto.
It’s the pricing of a $1.5bn convertible bond launched by rival mining company Anglo American on Thursday.
The Bonds will be convertible into new ordinary shares of Anglo American plc (“Shares”) and will have a coupon of 4% per annum,
Paulson goes for gold
That’s John not Hank, of course. And the scourge of the banking industry has just made a big bet on the yellow metal.
This statement was released by Anglo American on Tuesday afternoon. (emphasis ours)
Lombard: Anglo through the looking glass
Listen to the Anglo American chief executive’s careful explanation of the mining group’s strategy and you might think you were listening to Lewis, not Cynthia Carroll. Like Alice in Wonderland, Ms Carroll sometimes sounds as though she’d like to be bigger,
Anglo in deal with China’s CDB
Anglo American has signed a memorandum of understanding with state-owned China Development Bank to develop mines in China and southern Africa. However, following the acquisition last week of a 9% stake in Rio Tinto by Chinalco,
Peace in our time for Anglo American?
Presumably it beats inviting the Chinese onto your shareholder register via a dawn raid, undertaken to scupper a hostile takeover…
Anglo American and China Development Bank on Monday unveiled a Memorandum of Understanding,
Turmoil puts big takeovers on hold
Companies across the globe are putting multibillion-dollar deals on ice as the rout in equity markets makes it almost impossible to put a value on takeover targets. Several big transactions, including the $3bn sale of Tarmac by Anglo American,
Anglo in talks for MMX projects
Anglo American, the world’s second-biggest mining company, is in exclusive talks to acquire control of two iron ore projects for $5.5bn from MMX Mineração, the Brazilian mining company. If completed,
Xstrata puts itself on the block — maybe
Xstrata, the world’s sixth-largest mining company, effectively put itself up for sale Wednesday after confirming it was in preliminary talks with rivals that could lead to a deal. Responding to an FT report that it was open to discussions with other mining groups,
Xstrata/CVRD (aka Vale) update
With Xstrata stock up 9 per cent in London, the fog floating across the entire London-listed mining sector on Thursday began to clear.
It is now widely accepted that on Wednesday, while explaining the bolt-on acquisition of Australian coal group Resource Pacific,
Mick does the Samba? Xstrata’s suitor is said to be CVRD
Not much else to say, really, other than stating that usually knowledgeable sources indicate that Lehman Brothers are advising the Brazilians, while JPMorgan Cazenove are working for Mick Davis.
Oh,
The Real Deal – Investment banks should look beyond Rio’s bandwagon
The behaviour of some of the investment banks around BHP’s attempted £67bn ($140bn) takeover of Rio Tinto has left a bad taste in some boardrooms.
Several banks seem so keen to get a role in the proposed deal that they are prepared to risk upsetting long-standing clients in the mining sector.
CRH eyes Tarmac bid as profits soar 27%
CRH, the Irish aggregates and building materials group, on Tuesday confirmed it would look at Tarmac, the UK building materials business put up for sale this month by Anglo American and which analysts say could fetch more than $6bn.
Anglo to launch sale of UK’s Tarmac
Cynthia Carroll, chief executive of mining group Anglo American, will on Friday launch the sale of Tarmac, the UK-based building materials business. Tarmac, which is expected to attract bids of at least $6bn,
Xstrata still looking for acquisitions after £2bn LionOre purchase
Xstrata is still on the look-out for big acquisitions in spite of its C$4.6bn (£2bn) friendly cash offer to buy LionOre Mining, the Canada-based nickel producer. Trevor Reid, Xstrata finance director,
Russians covet Anglo Gold
Russia’s Polyus Gold, which is preparing for a London listing, has approached Anglo American to buy its £2.25bn stake in another mining company Anglo Gold Ashanti, reports the Sunday Times. Polyus has indicated it would like to buy part or all of the stake.