ACQUISITION OF CONTROLLING INTEREST

RNS Number : 1120A

Glencore International PLC

27 March 2012

 



Baar, Switzerland                                                                                            27 march, 2012

GLENCORE CONSORTIUM COMPLETES ACQUISITION OF CONTROLLING INTEREST IN OPTIMUM COAL HOLDINGS LIMITED

Glencore International plc today announces that, following approval by the South African Competition Authorities it, together with its local Black Economic Empowerment partner Cyril Rapmaphosa (together the "Consortium"), has completed the acquisition of an interest in a further 36.56 per cent of the issued share capital of Optimum Coal Holdings Limited ("Optimum").  The Consortium has now acquired, directly and indirectly, 67.77 per cent of the issued share capital of Optimum.

As the Consortium is now in a position to exercise at least 35 per cent of the voting rights attached to the ordinary shares of Optimum, it is required, in terms of section 123(3) of the South African Companies Act 71 of 2008 ("Companies Act"), to make a mandatory offer to acquire the shares of all shareholders of Optimum not already owned or controlled by the Consortium ("Offer"). The Offer will be made in compliance with the Consortium's obligations in terms of the Companies Act and the Takeover Regulations. The Consortium will offer the remaining shareholders R38 per Optimum share in cash.

Tor Peterson, director of the Coal/Coke commodity department, commented:

"Optimum will add to our coal presence in South Africa and will be highly complimentary to our joint venture Shanduka Coal and our investment in Umcebo. South Africa is an important producer to supply the growing Chinese and Indian markets, so we are delighted to add to our business in the country with our partner Cyril Ramaphosa."

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For further information, please contact:

Paul Smith (Investors) t: [phone] m: [phone] e:[e-mail]	Simon Buerk (Media) t: [phone] m: [phone] e: [e-mail]	Finsbury (Media) Guy Lamming Dorothy Burwell t: [phone]
Elisa Morniroli (investors) t: [phone] m: [phone] [e-mail]	Charles Watenphul (Media) t: [phone] m: [phone] [e-mail]

About Glencore International plc

Glencore is one of the world's leading integrated producers and marketers of commodities, headquartered in Baar, Switzerland, and listed on the London and Hong Kong Stock Exchanges. Glencore has worldwide activities in the production, sourcing, processing, refining, transporting, storage, financing and supply of Metals and Minerals, Energy Products and Agricultural Products.

 

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