Xstrata Abandons Bid To Buy Rival Anglo American

Law360, New York (October 15, 2009, 3:59 PM EDT) -- Facing a looming deadline to make an offer, metals and coal mining company Xstrata PLC has announced it is dropping its plans to acquire competitor Anglo American PLC.

The Swiss-British firm said in a statement Thursday that it would not make a formal offer for Anglo American, after the the U.K. Takeover Panel gave Xstrata a deadline of Oct. 20 to either announce a firm intention to make an offer or walk away from the deal

On June 17, Xstrata wrote to Anglo American's board, looking...
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