According to the Financial Times, the company that earlier this year proposed a merger of equals (all-share merger) with Anglo American plc, has been told by the Britain’s Panel on Takeovers and Mergers it must make a formal bid by Oct. 20, or quit sniffing around for six months. Anglo has so far dissed Xstrata’s overtures, calling the original terms “totally unacceptable.” There has been some interest, however, among some Anglo shareholders.

“The time has come to draw a line under this proposal,” a person close to the situation told the Financial Times.

Xstrata must either formalize its original proposal, sweeten the pot, or abandon the effort. Xstrata has said a merger would create efficiencies and produce a mega-mining-giant worth an estimated $68 billion.

What this may or may not mean for Anglo’s involvement in the Pebble project is not clear.

Tags: anglo american, bristol bay, pebble mine

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