Anglo American announces intention to sell stake in Anaconda Nickel
21 January, 2003
Anglo American plc ("Anglo American") announces that it has signed a Pre-Bid Agreement with a wholly-owned subsidiary of MatlinPatterson Global Opportunities Partners LP ("MatlinPatterson") in terms of which,
subject to satisfaction of the conditions to a proposed takeover offer by MatlinPatterson for Anaconda Nickel Limited ("Anaconda"), Anglo American will dispose of its entire rights entitlement and substantially all of its shareholding in Anaconda for a total consideration of approximately A$23.9 million (approx. US$14.0 million).
It is Anglo American's present intention, in the absence of a higher offer, to accept the MatlinPatterson offer for the balance of its shareholding should the MatlinPatterson offer go unconditional, which would realise a further A$4.6 million (approx. US$2.7 million) at the current offer price. However, Anglo American has no agreement or understanding with MatlinPatterson to that effect.
Under the Pre-Bid Agreement (the terms of which are summarised in MatlinPatterson's announcement of 21 January 2003), Anglo American will also have the opportunity to accept a higher offer if made in certain circumstances.
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