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MEI Online: General Minerals Engineering: Latest News: November 25th 2002

:: Xstrata Sets Sights on MIM  

MIM Holdings has announced that following an unsolicited approach by Xstrata, it is in early stage discussions "in relation to a transaction which could lead to a change of control of MIM".

The company said no agreement had been reached, nor was it certain that any would be reached.

It is speculated that Glencore-backed Xstrata could make a $3bn-plus friendly takeover bid for MIM Holdings.

Xstrata, one of Europe's largest diversified miners, bought the Hunter Valley's Enex Resources for $4.47bn in February as part of a sale by Glencore of its Australian and South African coal interests.

Xstrata has 14 Hunter Valley thermal coal mines and has also been named as a possible buyer for WMC's mineral assets.

MIM said its board and management remained focussed on pursuing the company's growth strategy and ensuring the continued strong performance of its operations and the delivery of full value for shareholders.



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