Anaconda Nickel Limited 08 – Panel Receives Further Application in Relation to Anaconda Nickel Limited [10/02/2003] The Takeovers Panel

10 February 2003

PANEL RECEIVES FURTHER APPLICATION IN RELATION TO ANACONDA NICKEL LIMITED

The Panel advises that on Friday evening 7 February it received a further application in relation to the affairs of Anaconda Nickel Limited (ANL).

The application is from Glencore International AG (Glencore) for a declaration of unacceptable circumstances in relation to the structure of the offer (the Rights Offer) by MatlinPatterson Global Opportunities Partners LP (MP Global) (through a subsidiary) to acquire rights (Rights) in ANL.

MP Global has announced that it is proceeding with its Rights Offer and its offer to acquire the shares in ANL. The announcement was made after the Anaconda 02 - 05 Panel made its decision to revoke ASIC relief that had been granted to MP Global in relation to the Rights Offer.

Glencore submits that it is unacceptable for MP Global not to confirm that:

  1. it will extend its offer for ANL shares to include all shares issued under the ANL Rights Issue; and
  2. if the Rights Offer conditions are satisfied or waived, MP Global will exercise all of the Rights it acquires or receives sufficient to maintain its percentage voting power in ANL at the level it has at the close of the Rights Offer.

Glencore is seeking consequential orders in relation to its application.

The Panel has not yet sought the views of persons potentially involved in the application and has therefore formed no views on the application.

The Panel is aware of the timing issues in the current commercial events in relation to Anaconda and will endeavor to ensure that Panel proceedings interfere with those timetables as little as possible.

The President of the Panel has appointed the Anaconda 01 to 05 Panel, Brett Heading, Tro Kortian and Peter Scott, to consider the application.

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