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Plan Of Arrangement To Acquir

12th May 2008 14:56

RNS Number : 2223U
BHP Billiton PLC
12 May 2008
 



NEWS RELEASE
Release Time
IMMEDIATE
Date
12 May 2008
Number
17/08

BHP BILLITON ANNOUNCES PLAN OF ARRANGEMENT TO ACQUIRE ANGLO POTASH LTD

BHP Billiton today announced that it has entered into a definitive agreement with Anglo Potash Limited ("Anglo Potash") to acquire all of the issued and outstanding common shares of Anglo Potash at a price of C$8.15 cash per common share (the "Transaction").

Anglo Potash's only asset is its 25% interest in the Canadian potash Joint Venture development project in which BHP Billiton has a 75% interest. If approved, today's announced acquisition will deliver to BHP Billiton 100% control of the Joint Venture.

The total equity value of the Transaction is approximately US$282 million (C$284 million) on a fully diluted basis.

BHP Billiton Diamonds & Specialty Products President Graham Kerr said, "our Canadian potash position comprises a world class development with over 7,338 square kilometres of highly prospective exploration permits in the immediate vicinity of existing major Saskatchewan potash mines. Today's announcement is consistent with BHP Billiton's strategy of capturing and developing premium growth options in long-life, low cost natural resources with a focus on delivering shareholder and stakeholder value".

Anglo Potash's Board of Directors has unanimously approved the Transaction and recommends that shareholders vote in favour of the Transaction

Further information can be found in the attached joint announcement by BHP Billiton and Anglo Potash.

Further information on BHP Billiton can be found on our Internet site: www.bhpbilliton.com

http://www.rns-pdf.londonstockexchange.com/rns/2223U_-2008-5-12.pdf

Australia

Samantha Evans, Media Relations

Tel: +61 3 9609 2898 Mobile: +61 400 693 915

email: [email protected]

United Kingdom & South Africa

Andre Liebenberg, Investor Relations 

Tel: +44 20 7802 4131 Mobile: +44 7920 236 974

email: [email protected]

Leng Lau, Investor Relations

Tel: +61 3 9609 4202 Mobile: +61 403 533 706

email: [email protected]

United States Tracey Whitehead, Investor & Media Relations

Tel: US +1 713 599 6100 or UK +44 20 7802 4031Mobile: +44 7917 648 093

email: [email protected]

Illtud Harri, Media Relations

Tel: +44 20 7802 4195 Mobile: +44 7920 237 246

email: [email protected]

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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