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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: long-gone who wrote (42629)	10/10/1999 9:30:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116790

AngloGold Makes US$541 Mln Takeover Bid for Australia's Acacia Resources By Karen Peebles AngloGold Makes A$832 Mln Takeover Bid for Australia's Acacia Melbourne, Oct. 11 (Bloomberg) -- AngloGold Ltd., the world's largest gold producer, made a A$832 million (US$541 million) share-for-share bid for Australia's fifth-largest gold miner Acacia Resources Ltd. The bid is for 3.5 AngloGold shares for every 100 Acacia shares valuing the Acacia shares at A$3.30 each, a premium of 24 percent compared with Friday's closing price of A$2.66 a share. Acacia's board has advised it intends to recommend the offer be accepted in the absence of a higher offer. ``The purpose of the acquisition is to combine quality African, U.S. and South American gold production with quality Australian production creating a global player well positioned to play a leading role in the new millennium,' AngloGold said in a statement. The purchase will add an extra 500,000 ounces of gold a year to AngloGold's 7 million ounce annual production. In September, Sydney based Delta Gold NL offered to buy Acacia for A$570 million in stock in a hostile offer of one for one share swaps that would have created Australia's second largest gold miner. ¸1999 Bloomberg L.P. All rights reserved. Terms of Service, Privacy Policy and Trademarks