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Xstrata to walk away from Anglo - Investor

An unnamed, top-10 shareholder in the mining group said Xstrata indicated it sees no point in making the bid hostile

Author: Reuters
Posted: Monday , 12 Oct 2009

LONDON (Reuters) - Mining group Xstrata (XTA.L) has told a top-10 shareholder that it is likely to walk away from its pursuit of its rival miner Anglo American (AAL.L), the investor said on Monday.

"They have pretty much indicated to us that they will be walking away," the investor, who declined to be named, told Reuters.

"They (Xstrata) think that with the new Anglo chairman coming in they don't think they have enough support really to press, and they feel there is no point in making it hostile," the investor added.

Xstrata must make a formal offer by October 20 under UK takeover rules or undertake not to return before April.

© Thomson Reuters 2009 All rights reserved

Tags: Xstrata, anglo American, mick davies, mining, metals, mining and metals

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