ACG walks away from possible Anglo Asian bid
Copper-focused ACG Metals has withdrawn from a potential takeover of Anglo Asian Mining, just weeks after confirming it was weighing an offer for the London-listed gold, copper and silver producer.
ACG on Thursday said it no longer intended to make a bid, concluding that an acquisition of Anglo Asian would not create value for its own shareholders. The decision follows what the company described as a “thorough review” of Anglo Asian’s asset base and aligns with ACG’s disciplined approach to capital allocation and dealmaking.
Anglo Asian's portfolio of assets is in Azerbaijan.
The group first disclosed its interest on November 25 under Rule 2.4 of the UK Takeover Code, stating that it was in the early stages of assessing a possible offer for the entire issued and to-be-issued share capital of Anglo Asian. That announcement was made without the agreement of Anglo Asian and triggered a formal “put up or shut up” deadline of December 24.
In its latest statement, ACG emphasised that protecting the value of its equity and applying strict filters to merger-and-acquisition opportunities were central tenets of its strategy. These parameters, it said, led to the conclusion that acquiring Anglo Asian would not deliver the required returns.
