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Xstrata not looking for M&A deal

Xstrata “’ intends
focusing on
organic growth
 
London, England — MININGREVIEW.COM — 09 December 2009 – Swiss-based, diversified mining group Xstrata Plc “’ the world’s fifth biggest diversified mining group by market value “’ which recently scrapped a merger plan for rival Anglo American), does not currently need a transforming M&A deal and will focus on organic growth.

“I think the important thing is that you don’t need to find a transforming transaction,” CEO Mick Davis told reporters following a presentation here, when asked if he would make a fresh approach for Anglo.

“Anglo was an opportunity,” he said. “It seemed to me a very smart transaction for both our shareholders and theirs. I regard it as a lost opportunity for value.”

Davis went on to reveal that Xstrata would now concentrate on plans to boost the company’s overall production volumes by 50% by 2013. “For us, transformation is going to come from our projects “’ that’s where our key thrust is,” he added.

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