Deixo aqui um artigo que explica bem as duas ofertas rivais sobre a Ashanti Goldfiels, bem como nos dá uma idéia da dimensão da nova empresa resultante da fusão.
Note-se que as OPA's são feitas em espécie (acções das empresas que lançaram a OPA) e foram lançadas pela Anglogold (AU) e pela Randgold Exploration (GOLD).
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FACTBOX-AngloGold, Randgold bids for Ashanti Goldfields
9/25/2003 11:00:24 AM
JOHANNESBURG, Sept 25 (Reuters) - London-based mid-tier miner Randgold Resources (UK:RRS) launched a formal all-share offer this week for Ghana's Ashanti Goldfields, stepping up a bid battle against AngloGold, the world's second biggest gold miner.
Here are some facts about the rival bidders, their offers and Ashanti.
BID VALUES
Based on Thursday afternoon share prices, Randgold's bid was worth 16.8 percent more than AngloGold's bid.
ANGLOGOLD BID VALUE: $1.41 billion
RANDGOLD BID VALUE: $1.65 billion
ASHANTI <AGC.GH> (ASL)
BACKGROUND - The Ghana based company, founded in 1897 in what was known then as the Gold Coast, operates six mines in four African countries.
Its prized asset, which accounts for around a third of the company's bullion output and more than half of its reserves, is the Obuasi mine in Ghana.
The company was nearly wiped out in 1999 when it faced crippling margin calls on its hedge book when gold prices spiked, but it renegotiated financing with its bankers.
PRODUCTION: In 2002, Ashanti produced 1.55 million ounces of gold at a total cost of $262 per ounce, making it the world's ninth biggest producer. At the end of 2002, it had 22 million ounces of reserves.
CAPITALISATION: Ashanti's market valuation is $1.51 billion.
OWNERSHIP: Britain's Lonmin plc (UK:LMI) owns a 28 percent stake in Ashanti and has said it wants to turn this into cash.
The Ghanaian government has 17 percent of Ashanti and also holds a "golden share" that allows the veto of any merger. A government spokesman, however, has said that it would allow the board of Ashanti to decide its fate.
ANGLOGOLD <ANGJ.J>
BACKGROUND: South African-based AngloGold, with 19 operations in eight countries, is the world's second biggest bullion miner. It is 51.6 percent owned by Anglo American Plc (UK:AAL) <ANLJ.J>.
PRODUCTION: It produced 5.94 million ounces in 2002 at a total cost of $203 per ounce. At the end of 2002, it had reserves of 72.3 million ounces.
MERGER: A merger with Ashanti would create a company producing 7.3 million ounces, based on adjusted 2002 figures, to rival current number one Newmont Mining Corp (NEM) of the United States also with 7.3 million ounces.
The merged company would be the clear leader in reserves, with an adjusted proforma figure of 93.2 million ounces compared to Canada's Barrick (CA:ABX) at 86.9 million.
(The AngloGold/Ashanti proforma output figure was adjusted to account for the sale of AngloGold's Jerrit Canyon operation and Newmont's figure was adjusted for its sale of equity interests in TVX Newmont Americas and Echo Bay.)
CAPITALISATION: AngloGold's market valuation is $9.1 billion.
BID: AngloGold has offered 26 of its shares for every 100 Ashanti shares, which values Ashanti at $1.41 billion.
INVESTMENT: AngloGold has said it will immediately spend $190 million to improve Ashanti's Obuasi mine and has earmarked $570 million more to develop deep-level operations at the mine.
OWNERSHIP/NAME: Existing AngloGold shareholders would own 87 percent of the merged company, to be named AngloGold Ashanti, and Ashanti shareholders the remaining 13 percent.
RANDGOLD (UK:RRS) (GOLD)
BACKGROUND: Originally formed as an exploration arm of South Africa's Randgold and Exploration <RNGJ.J>, Randgold Resources became a producer by buying the Syama mine in Mali in 1996.
Syama was mothballed in 2001, but Randgold hit paydirt with the low-cost Morila mine, also in Mali, which is the company's only operating mine. Randgold sold half of its 80 percent interest in Morila to rival AngloGold.
PRODUCTION: Randgold produced 421,126 ounces of gold in 2002 at cash costs of $74 per ounce and had 2.9 million ounces in reserves.
CAPITALISATION: Randgold's market valuation is $730 million.
MERGER: The combined company would have proforma production of around two million ounces and reserves of 25 million ounces.
BID: Randgold has offered one of its shares for every two Ashanti shares, which values Ashanti at $1.65 billion.
INVESTMENT: Randgold plans to spend $340 million to develop existing reserves at Obuasi and $600 million for deep-level mining, including $170 million over the next 30 years.
OWNERSHIP/NAME: Existing Randgold shareholders would own about 30 percent of the merged company, to be named Ashanti Goldfields, and Ashanti shareholders the remaining 70 percent.
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