Mondi offer for La Rochette
Anglo American PLC
2 January 2002
FOR IMMEDIATE RELEASE 2 January 2002
Mondi cash Offer for La Rochette
* Mondi, a subsidiary of Anglo American PLC, has announced today that it
has filed a public Offer, in cash, for La Rochette with the French Stock
Exchange Market Authorities.
* The Offer will be 11.60 euros in cash for each La Rochette share, and
12.76 euros for each 4.5% 1988 convertible bond and 12.29 euros for each
1994 5% convertible bond in La Rochette, resulting in a total value for
the issued and outstanding share capital of La Rochette of 298 million
euros.
* The Offer represents a premium of approximately
+ 81% over the closing share price before the acquisition of a 22%
stake in La Rochette on 24 December 2001
+ 18% over the closing share price on 28 December 2001, the last
business day prior to this announcement.
* Mondi has received an undertaking(1) from La Rochette's largest
shareholder, Paribas Affaires Industrielles, to tender shares to the
Offer, representing 23.2% of the current issued and outstanding share
capital of La Rochette,.
* The combination of Mondi with La Rochette will enable Mondi to increase
its market position in the French corrugated packaging market
significantly and offer synergies in sales, R&D, logistics and IT. Given
the complementary strengths of the two companies the combination will
provide La Rochette with expanded geographic coverage, a broader customer
base and a more secure future within the Anglo American group.
* The Offer is conditional upon obtaining the majority of the fully
diluted share capital and voting rights of La Rochette. Mondi does not
currently own any shares or convertible securities in La Rochette.
(1) As long as Mondi is the highest final cash bidder.
Commenting on the offer, David Hathorn, Chief Executive Officer of Mondi
Europe, said:
'Our Offer reflects the full and fair value of La Rochette. The strategic fit
between the two companies is good and, should our Offer succeed, we are
confident that the value created will be to the long-term benefit of all
stakeholders in La Rochette and of the shareholders of Anglo American'.
Peter Oswald, Chief Executive Officer of Mondi Packaging Europe, said:
'Corrugated packaging is a growth business for the group and we have
established a successful track record of integrating acquisitions in Europe as
we expand in this sector.
The combined Mondi and La Rochette group will be in a unique position to offer
its clients the services and products that they require on a wider geographic
basis'.
Mondi is being advised by Rothschild & Cie (Francois Henrot, Philippe
Lansade).
A Press Conference, to which analysts are welcome, hosted by Mondi will take
place today at 11:15 CET (10:15 UK) at the Press Club de France, 8 rue Jean
Goujon, 75008 Paris.
Those who are unable to attend in person but who wish to participate in the
press conference by telephone should dial +44 20 82 40 82 43 (or 0208 240 8243
if ringing within the UK). French and English language simultaneous
translation will be provided. Playback of the press conference will be
available afterwards until Friday 4 January on +44 208 288 4459, Code 637152.
Enquiries:
Mondi
David Hathorn +27 82 893 68 17 / +43 66 44 11 21 76
Peter Oswald +43 1 795 074023 / +43 66 44 11 21 82
Anglo American
Edward Bickham +44 20 7698 8547
Marion Dixon +27 11 638 3001
Brunswick
Andrew Dewar 01 53 96 83 83
Patricia Perrier 01 53 96 83 83
This Offer and the distribution to the general public of the prospectus remain
subject to the approval of the French stock market authorities.
Note for Editors:
Mondi encompasses the Forest Product activities of Anglo American. Mondi
generated a consolidated turnover of US$ 3.4 billion in 2000 and an operating
profit of US$ 456 million. Mondi is an international, integrated forest
products and packaging group. Mondi has operations and interests in Europe and
South Africa. Mondi's main activities are corrugated packaging, industrial
sacks and graphic paper. Mondi has around 115 plants throughout Europe and is
operating under the brands of:
* Mondi Packaging for corrugated packaging
* Frantschach for industrial sacks, barrier coated paper and flexible
packaging
* Neusiedler for uncoated woodfree paper
* Mondi also holds a 50% stake in Aylesford Newsprint.
Anglo American PLC is one of the world's largest mining and natural resource
groups. With its subsidiaries, joint ventures and associates, it is a global
leader in gold, platinum group metals and diamonds, with significant interests
in coal, base and ferrous metals, industrial minerals and forest products. The
Group is geographically diverse with operations in over 40 countries in
Africa, Europe, South and North America and Australia. The company is listed
in London, Johannesburg and Switzerland.
(www.angloamerican.co.uk)
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