Anaconda Nickel Limited 09 – Panel Receives Review Application (Anaconda 09) in Relation to Anaconda Nickel Limited [11/02/2003] The Takeovers Panel

11 February 2003

PANEL RECEIVES REVIEW APPLICATION (ANACONDA 09) IN RELATION TO ANACONDA NICKEL LIMITED

The Panel advises that today it has received an application for review of the Anaconda 08 decision in relation to the affairs of Anaconda Nickel Limited (Anaconda).

The application from Glencore International AG (Glencore) seeks a review of the decision of the Sitting Panel in Anaconda 08 not to make a declaration of unacceptable circumstances in relation to the structure of the offers (the Offers) by MatlinPatterson Global Opportunities Partners LP (MP Global) (through a subsidiary) to acquire rights (Rights Offer) and existing shares (Share Offer) in Anaconda.

Glencore submits that the Sitting Panel should have made a declaration of unacceptable circumstances in relation to the discriminatory nature of the Offers.

Glencore has requested the Sitting Review Panel to order that the MP Global Offers not proceed unless MP Global undertakes to:

(A) extend its Share Offer to all shares issued under the Anaconda rights issue (the Rights Issue), at a price to be determined after submissions have been received from all relevant parties; and

(B) exercise all the Rights that it acquires under its Rights Offer that it is legally entitled to, if all conditions to MP Global's Rights Offer are fulfilled and/or waived, (including, but not limited to, all rights it receives from Glencore), calculated as at 8 pm on 14 February 2003 (Rights Issue Closing Time).

The Sitting Review Panel is currently seeking the views of persons potentially affected and therefore has not yet formed any views on the application.

The Sitting Review 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 same members who constituted the Anaconda 06 Panel, Simon McKeon, David Gonski and Ian Ramsay, 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