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Article: Anglo American declares victory as Xstrata's bid flounders
- Article from:
- The Independent (London, England)
- Article date:
- October 16, 2009
- Author:
CopyrightCopyright 2009 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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Xstrata walks away before Takeover Panel deadline
ANGLO AMERICAN declared Xstrata's interest in the group "dead and
buried" yesterday after the mining giant walked away from its
proposed merger having failed to win enough support from Anglo's
shareholders.
Xstrata moved before next Tuesday's "put up or shut up" Takeover
Panel deadline, confirming the view that the deal was likely to
stall. The company will now be unable to approach Anglo for at least
six months, although several analysts argue that a renewed bid is
likely.
The deal never got off the ground with Xstrata always running
behind schedule after details of the approach, which the group had
hoped would remain informal and secret, ...