23 February 2006 – London (UK): Anglo American has announced plans to float its paper and packaging business, Mondi.
Anglo said the paper business will be listed in London in 2006/7 but expansion opportunities will be pursued in the meantime. The company said it intends to focus on its core mining businesses and increase returns to shareholders.
If floated, Mondi – which may command a value of around £4 billion – would win a place among the FTSE 100 index. Anglo has not ruled out a sale and says Mondi has attracted interest from potential buyers.
In a statement, Anglo American said: "Anglo American has successfully grown Mondi to create one of Europe’s largest and most successful paper and packaging groups. Anglo American recognises that there are only limited synergies with its mining portfolio and therefore, a decision has been taken to list Mondi on the London Stock Exchange in 2006/7. In the meantime, Anglo American will continue to support Mondi’s growth opportunities as they arise."
opi.net will provide an update on this story tomorrow.
