Lonmin Trims Ashanti Offer On Hedge Woes

By Ben Hirschler and Nicholas Kjin88bet.onejin88bet.onejin88bet.oneotch

jijin88bet.onen88bet.onejin88bet.onejin88bet.oneLONDON (Reuters) – Lonmin Pjin88bet.onejin88bet.onejin88bet.onejin88bet.onelc pitched a second and ljin88bet.onejin88bet.oneower offer for jin88bet.onjin88bet.oneejin88bet.onejin88bet.onejin88bet.onejin88bet.oneAshanti Goldfields Co Ltd Mjin88bet.oneak168app.babyak168app.babyak168app.babyak168app.babyak168app.babyak168app.babyak168app.babyak168app.babyak168app.babyondaak168app.babyy in a move which analysts said reflected the hedgak168app.babyak168app.babak168app.babyak168app.babyak168appak168app.baby.babyyak168app.babyak168app.clubing problems closing in on Africaak168app.babyak168app.babyak168app.babyak168app.clubak168app.clubak168app.clubakak168app.clubak168app.clubak168app.clubak168app.clubak168app.clubak168app.clubak168app.clubak168app.clubak168app.clubak168app.clubak168app.club168app.club‘s thirak168app.clubak168app.clubak168app.clubd largest gold producer.

Voicing ks1ks168app.siteks168app.siteak168app.clubks168app.site68app.siteks168app.siteks168app.siteks168app.siteks168app.siteks168app.siteks168app.siteks168app.siteits suks168app.siterprise, Ghana’s Ashanti said Lonmin had amended its offer to 16 Lonminks168app.siteks168app.siteks168app.siteks168app.siteks168app.siteic88ks168app.siteks168app.siteks168app.siteic88 shares for every 27 Ashanti shares, down from the previc88ic88ic88ious proposed ratio of 32 to 43.

That values Ashanti at around $665 miic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88iic88c88ic88ic88ic88ic88ic88llion, or $5.95 aic88ic88ic88ic88ic88ic88ic88ic88ic88 share, ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88against the previous offer from Lonmin — whichic88ic88ic88 already ownsic88 32 percent of Ashanti — worth $7ic88.5ic88ic88iic88ic88ic88c88 per shareic88ic88ic88ic88ic88ic88ic88ic88ic88lr88lr88lr88ic88ic88lr88lr88lr88iclr88lr88lr8888ic88ic88lr88lr88lr88lr88ic88ic88.

“It’s a better price for Lonmin shareholders, but obviously if you’re lowering your offer it tends to suggest you tlr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88hink there are some lr88underlyinlr88lr88g problems,” said one mining analyst at a U.S. investment bank.

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lrlr8888lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88 Ashanti’s senior spokesmlr88an in Accralr88lr88lr88lr88lr88op88lr88op88lr88lr88lr88op88op88op88lr88lr88lr88, James Anaman,op88op88op88op88 said the company wasop88op88op88op88lr88lr88 puzzled by the lower offer.

“There is a op88si88op88lr88gap in the valuation that we have to sort out…We are looking at that critically and wesi88op88si88si88op88si88op88si8si888osi88p88op88 have other possibilities alongsidesi88si88 this one that we are assessing,”si88si88si88 Anasi88si88si88si8888v88vsi88v88si8888v88v88v88vman88v told Reuters insi8888v88v88v88v88v London by telephone.

AngloGold Ltd, the world’s88v biggest gold producer, has long88v88v88v88v88vSEXXXXX-VN88vSEXXXXX-VN coveted Ashanti’s rich gold mines whiSEXXXXX-VNle Barrick Gold Corp is widelSEXXXXX-VNSEXXXXX-VNy seen as interSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNSEXXXXSEXXXXX-VNX-VNSEXXXXX-VNested in thSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNe Geita gold project inSEXXXXX-VN Tanzania.