Offer Update

Anglo American PLC
15 March 2002


FOR IMMEDIATE RELEASE                    15 March 2002




 Joint cash offer by Mondi International S.A., Saica International B.V. and LR
                        Investments B.V. for La Rochette



  • On January 2nd, 2002, Mondi International S.A., a wholly owned subsidiary
    of Anglo American plc, filed a cash offer for La Rochette with the French
    market authorities. On January 21st, 2002, Saica International B.V., a
    wholly owned subsidiary of the Spanish group Saica, filed a competing cash
    offer to that of Mondi International S.A. The closing date for both offers
    was set for March 25th, 2002.

  • The Mondi and Saica groups have now filed an increased joint cash offer
    for La Rochette with the French market authorities in order to pursue their
    respective European developments. LR Investments B.V., a Dutch company
    equally controlled by Mondi and Saica, will acquire the La Rochette
    securities tendered to the offer.

  • The terms of the joint offer are the following:

  • a price of 12.24 euros per share;

  • a price of 13.47 euros per 4.5% 1988/2003  convertible bond;

  • an acceptance condition set at 50.001% of the fully diluted share capital
    and voting rights of La Rochette, taking into account the 22.27% share of
    the capital representing 20.10% of the voting rights already acquired by
    Saica International B.V. on December 21st, 2001.


    On the basis of 25.9 million shares representing the current share capital
    of La Rochette, the proposed offer values La Rochette at 317 million euros.


  • Should the offer be successful, Mondi will buy from La Rochette its UK
    businesses (Hypac), the Durtal and La Rochette (Savoy) box plants and all of
    the sheet plants in France and Belgium. Mondi shall thus strengthen its
    presence in the European market. On completion of the transaction, Saica
    will take control of La Rochette, and plans to form an enlarged business
    with its existing French corrugated packaging assets.

  • The value of the assets to be sold to Mondi has been set at approximately
    117 million euros. This value may be adjusted, depending mainly on the 2000/
    2001 performance of certain assets and their net cash or financial debt
    position as at December 31st, 2001. The disposal of these assets will take
    place as early as possible, and at the latest by June 30th, 2003.

  • The envisaged transaction will allow Saica and Mondi to expand their
    respective coverage of the French market. Therefore Saica, whose presence is
    significant in the South and in the West, will be able to extend its
    presence into the North of France. Mondi, which mainly operates in the
    North, will be able to develop into the South and the West.

  • The proposed public offer has been submitted for approval to the Conseil
    des marches financiers and the draft offering prospectus has been submitted
    to the Commission des operations de bourse.







Enquiries:

Societe Generale (for SAICA)
Jacques Bitton / Laurent Meyer       [phone]

Brunswick (for Mondi)
Andrew Dewar                         [phone]
Patricia Perrier                     [phone]

Rothschild & Cie Banque (for Mondi)

Eric Toulemonde                       [phone]





Note for Editors:

SAICA (Sociedad Anonima Industrias Celulosa Aragonesa) is a family-owned group
whose capital has been held by the founders and their families since its
creation in 1943. Saica, whose estimated turnover in 2001 is 882 million euros,
is the Spanish leader in the corrugated packaging sector and fourth in Europe
for corrugated packaging paper.

Mondi encompasses the Forest Product activities of Anglo American. Mondi
generated a consolidated turnover of US$ 4.2 billion in 2001 and an operating
profit of US$ 522 million. Mondi is an international, integrated forest products
and packaging group. Mondi has operations and interests in Europe and South
Africa. Mondi's main activities are corrugated packaging, industrial sacks and
graphic paper. Mondi has around 115 plants throughout Europe and is operating
under the brands of:

  • Mondi Packaging for corrugated packaging
  • Frantschach for industrial sacks, barrier coated paper and flexible
    packaging
  • Neusiedler for uncoated woodfree paper

Mondi also holds a 50% stake in Aylesford Newsprint.





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