Top Financial News
Sat, 19 Jan 2002, 1:01am EST
Ashanti May Be AngloGold Target If Ghana Allows
Sale (Update1)
By Antony Sguazzin
Accra, Ghana, Jan. 17 (Bloomberg) -- Ashanti Goldfields Co., Africa's No. 4 gold
producer, may be a takeover target for South African miners looking to expand
abroad, analysts said after a report that Ghana's government may allow a bid for
the company.
AngloGold Ltd., the top South African gold company, and second-biggest Gold
Fields Ltd. are both likely suitors for Ashanti, which offers $456 million a year
worth of output at costs a third below world prices, analysts said. Ghana's
government may give up the so-called golden share that entitles it to block an
acquisition, the Financial Times of London reported.
``There will be some serious competition for Ashanti,'' said Allan Cooke, an
analyst at Rice Rinaldi Securities in Johannesburg. ``AngloGold will take a look
and Gold Fields has also been mentioned.''
Wonder if a takeover of ASL would be helpful to BGI at Dunkwa, speeding up things ? |
