Anglo American to oppose injunction on sale of further shares in Anglo American Sur
15 November, 2011
Anglo American plc (“Anglo American”) notes the injunction granted by the Court of Appeals in Santiago, Chile in relation to Anglo American’s ability to dispose of further shares in Anglo American Sur (“AAS”).
The option agreement between Anglo American, certain of its affiliates and Codelco, expressly contemplates the eventuality of Anglo American disposing of its AAS shares at any time prior to the date on which the option may be exercised and therefore no longer holding 100% of the shares in AAS. In such an eventuality, the percentage of shares in AAS over which Codelco may exercise its option is reduced by the percentage of shares in AAS not held by Anglo American at the time of exercise. The option is exercisable only during the month of January every three years until January 2027.
The injunction does not apply to the transaction between Anglo American and Mitsubishi Corporation which completed on 9 November 2011.
Anglo American intends to file a response to the injunction and will take such other steps as are necessary to protect its rights.