King only in name

22 June 2009 By Una Galani Follow @ugalani

With Anglo s CEO Cynthia Carroll reportedly under fire from her own shareholders, the assumption is that Xstrata s dealhungry boss Mick Davis would run the enlarged miner following any deal. But a quick glance at their performance suggests the case isn t so clear cut.

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Anglo American, the Londonlisted South African mining group, said on June 21 it had received a preliminary proposal from Xstrata for a potential merger of equals. The two miners have a combined market capitalisation of roughly $70bn.

The combination would create a premier portfolio of operations diversified across multiple commodities and geographies. Xstrata has already quantified substantial operational synergies from the combination that are not available to either company operating alone, Xstrata said in a separate statement.

Anglo gave no further details, but said a further announcement will be made if and when appropriate.

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