Offer to Buy Minorities in Mantos Blancos
Anglo American PLC
30 March 2000
Anglo American offers to buy minorities in Mantos Blancos
Anglo American plc ('Anglo American') today announces that it has made a
Tender Offer ('the offer') to acquire the outstanding 22.65% of the shares it
does not already control in Empresa Minera de Mantos Blancos S.A. ('Mantos
Blancos'), a Chilean copper company listed on the Santiago Stock Market, at a
price of Ch$ 1.300 per share. The offer represents a premium of 88 % over
last year's average price of Ch$ 693 per share and a 44 % premium over
yesterday's closing price of Ch$ 900.
The offer is conditional on achieving a minimum level of acceptances during
the offer period of 10.65% of the issued share capital (approximately 16.8
million shares) which, together with the shares currently controlled will take
Anglo American's holding to over 88%. The offer period runs from 3 April 2000
to 24 April 2000.
Anglo American is being advised by Dresdner Kleinwort Benson South Andes, and
IM Trust are acting as the stockbrokers in Santiago.
Provided the necessary level of acceptances are received, it is intended to
proceed with all the legal formalities to de-list Mantos Blancos from the
Santiago Stock Exchange.
James Campbell, chairman of Anglo Base Metals and an Anglo American executive
director said: 'Anglo American's Board believes that the listing is no longer
beneficial to Mantos Blancos' shareholders, and is therefore making this offer
to buy out all the minorities. The offer has been structured in the spirit of
the soon to be enacted new Public Offer law in Chile, and in compliance with
international best practice allowing for transparency and fair treatment for
all shareholders. This is also consistent with Anglo American's stated
intention of simplifying its structure and represents a further investment of
close to U$92 million in copper and emphasises the Group's commitment to the
industry and to Chile.'
Mantos Blancos has two open cast mines in northern Chile, producing
approximately 150,000 tonnes of copper per annum and has a controlling stake
in Quellaveco, a large undeveloped copper project in Peru.
Anglo American is a leading mining and natural resources company with a
primary listing in London and secondary listings in Johannesburg and
Switzerland.
Contacts:
London: Mike Gordon
Executive Vice President
Anglo Base Metals
Phone: 44-207 698 8556
Johannesburg:
Anne Dunn
Senior Vice President, Investor Relations
Phone: 27 - 11638 4730
Santiago: Extend Comunicaciones
Contact name: Andre Menanteau
Phone: 562 - 206 6028
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