| Wed 2 Jan 2002, 0:00 | | Anglo American Plc - Mondi Cash Offer For |
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Anglo American Plc
Share Code : AGL
ISIN Code : GB0004901517
2 January 2002
- 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 (as long as Mondi is the highest final
cash bidder) 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.
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 (Fran ois 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)
