Reasons For Panel Position In Normandy 07 Proceedings [22/02/2002] The Takeovers Panel

Friday, 22 February 2002

REASONS FOR PANEL POSITION IN NORMANDY 07 PROCEEDINGS

The Panel today published reasons for its decision in resolving the Normandy No.7 proceedings. The application was made by Newmont in relation to AngloGold's notice of extension of its bid for Normandy which was sent to Normandy shareholders on Friday, 11 January 2002 and various statements by AngloGold and its officers concerning AngloGold's intentions as to the price offered under the AngloGold bid for Normandy.

The application was settled by AngloGold undertaking to the Panel, after discussions between the parties and the Panel, to issue a media release clarifying that its offer would not be increased further. The Media Release also clarified another issue raised by Newmont in its application.

Accordingly, it was unnecessary for the Panel to make any declaration. However, the proceedings concerned public statements made by a bidder during its bid. There is potential for uncertainty in the market if later announcements by the bidder are not consistent with such earlier statements. Therefore, the Panel considered it appropriate to provide the market with its views and a summary of the arguments put by the parties.

The Panel's reasons are available on its website at http://www.takeovers.gov.au/Content/Decisions/decisions.asp

Sitting Panel

The sitting Panel in this matter was constituted by David Gonski (sitting President), Meredith Hellicar (sitting Deputy President) and 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