News on Diversified Metals and Mining

Swiss mining group Xstrata said Wednesday it would continue to try to convince rival Anglo American of the advantages of a merger between the two. "It is well recognised that the combination of Xstrata and Anglo American is a natural fit and the most compelling major transaction available in our industry," Xstrata chief executive Mick Davis said in a statement. London-based Anglo American, a British-South African enterprise, on Monday rejected the merger proposal, dismissing it as "totally unacceptable." But Davis maintained Wednesday that Xstrata remains "convinced of the undeniable logic ...

Swiss mining group Xstrata said Tuesday it was "disappointed" and "surprised" by rival Anglo American's rejection of its merger bid. "We are disappointed by Anglo American's hasty rejection of our proposal for a merger of equals," Xstrata said in a statement. "We are also surprised that Anglo American's board of directors did not think it useful to engage in discussions with Xstrata" given the "considerable value" that the proposed tie-up would create for shareholders in both companies. London-based Anglo American on Monday maintained that "the strategic case ...

Shares in mining company Anglo American PLC jumped nearly 5 percent on Monday after Anglo-Swiss rival Xstrata PLC made a preliminary approach seeking a merger. Xstrata's shares dropped almost 7 percent. Anglo American confirmed the move made by Xstrata over the weekend, saying the "situation is at a very preliminary stage and there is no certainty that a transaction will be forthcoming." Xstrata, which last year failed in a bid to take over another rival, Lonmin PLC, said on ...

Mining group Xstrata on Sunday confirmed it had made an approach to rival Anglo American about a merger that would create one of the world's biggest mining companies, according to a company statement. "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," the statement said. According to a report in London's Sunday Telegraph, Xstrata's chief executive Mick Davis wrote to the Anglo American board last week with a view ...