Application in Relation to Newmont Bid for Normandy [27/11/2001] The Takeovers Panel

Tuesday, 27 November 2001

APPLICATION IN RELATION TO NEWMONT BID FOR NORMANDY

The Panel advises that it has today received an application by AngloGold in relation to the proposed bid by Newmont Mining Corporation for Normandy. The application is for a declaration of unacceptable circumstances under section 657A of the Corporations Act.

AngloGold had asserted that

  • certain aspects of Newmont's agreements with Normandy and with Franco-Nevada Mining Corporation concerning Newmont's proposed bid for Normandy and Plan of Arrangement with Franco-Nevada may give Franco-Nevada and its shareholders benefits which are not offered to all other Normandy shareholders
  • Newmont should have disclosed the terms of the Plan of Arrangement in its substantial shareholding notice in relation to the 19.9% of Normandy which Franco-Nevada owns and over which it has granted a call option to Newmont.

AngloGold has also asserted that certain conditions in Newmont's proposed bid would give rise to unacceptable circumstances.

Sitting Panel

The sitting Panel in this matter is constituted by Mr David Gonski (sitting President), Ms Meredith Hellicar (sitting Deputy President) and Ms Ilana Atlas.

Nigel Morris
Director, Takeovers Panel
Level 47 Nauru House, 80 Collins Street, Melbourne VIC 3000
Ph: +61 3 9655 3501
nigel.morris@takeovers.gov.au