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Billiton involved in commodity e-marketplace
Accel-KKR, Anglo American, Billiton, Glencore and Rio Tinto have signed a memorandum of understanding to build independent global e-marketplaces for trading a broad range of commodities. The partners, in conjunction with additional industry shareholders in each commodity, intend to harness their global volumes and internet technologies to establish neutral, open, and liquid e-marketplaces. This will result in reduced transaction costs, increased price transparency and will enable forward markets. The first marketplace Global Coal (www.globalcoal.com) was launched today (23 Oct 00).
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Billiton to retrench 300 workers
Billiton is to retrench 300 workers at subsidiary Samancor Ferrometals in Witbank, following the closure of two furnaces in Aug 00. The number would not be 5 000 as suggested by NUM and the retrenchment was part of a negotiated and consulted process.
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Billiton now holds 95.7% of Rio Algom
Following the closing of Billiton's offer to Rio Algom shareholders, Billiton now holds 95.7% of the common outstanding shares of Rio. Billiton aims to acquire the remaining shares as required by takeover legislation.
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Billiton's acquisition of Rio Algom nearly complet
Billiton has received acceptances for 62 160 000 shares of Rio Algom Ltd, representing 95%of the outstanding capital, in response to its offer to shareholders. Billiton has extended the closing date of the offer to 16 Oct 00 and will proceed with a "going private" transaction to acquire the remaining outstanding shares.
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Billiton's offer for Rio Algom progresses
Billiton rival Noranda has withdrawn its hostile offer for Rio Algom and has tendered its own holding in Noranda (9%) to Billiton as part of Billiton's offer to Rio shareholders of C$27 per share in cash. The Rio board has recommended the Billiton offer to shareholders and it is expected that the deal would be passed by shareholders.
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Billiton part of Colombian coal consortium
A consortium comprising Anglo, Billiton and Glencore (in equal parts) has acquired the Colombian government's 50% holding in the Cerrejon Zona Norte Coal operation in Guajira, Columbia. The mine is expected to produce 18.5m tons of export quality steam coal during 2000. An offer of Col$849,555 billion ($384m) was submitted and is subject to certain adjustments on closing. The other partner in the project is Intercor, who manages the project and is a subsidiary of Exxonmobil Corp.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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