Swiss Mining giant Xstrata has given up its effort to merge with Anglo American, half-owner of the Pebble Limited Partnership.
The company’s proposal for a “merger of equals” was largely rejected by Anglo, though for a time the idea had appeal with some stockholders. The merger was expected to create a mining group worth an estimated $96 billion. Xstrata declined Anglo shareholder demands that it pay a premium as high as 30 percent. On word the merger was dead, the stock prices of both Xstrata and Anglo fell on world markets.
Tags: anglo american, bristol bay, pebble mine, salmon
Anglo's CEO promised not to build the Pebble mine against community opposition. Surveys show: communities are overwhelmingly opposed. Click here to tell Cynthia to honor her promise!
