RTZ establishes pounds 13bn Australian connection
Tuesday 10 October 1995
RTZ moved yesterday to cement its position as the world's biggest mining group with a pounds 13bn merger with CRA, its Australian associate. Robert Wilson, RTZ chief executive, is to be full-time chairman of the new group when Sir Derek Birkin leaves the British group in December 1996.
The merger, which will be effective from January if all approvals are received, is to be achieved by establishing a dual listed companies structure, without transferring assets, to create a dual-nationality group similar to Royal Dutch-Shell or Unilever. Sir Derek said: "It further reinforces our competitive advantages at a time when new prospects are opening up worldwide ... " He ruled out any offer for the 51 per cent of shares not held by RTZ.
Both companies will retain national identities and separate shareholders, but management and boards are to be combined, with CRA chief executive Leon Davis becoming chief executive of the combined group.
The new RTZ-CRA will have assets of pounds 4.5bn, operations spanning the globe and a market capitalisation of around pounds 13bn. RTZ is the world's largest miner and the major world producer of copper and gold. CRA is a major world producer of iron ore, aluminium and coal, and has significant interests in diamonds and gold.
An independent report on the merger will be sent to CRA shareholders in about six weeks. Existing RTZ shareholders will end up with an effective 76.5 per cent interest in the new group.
- 1 Scientists create transparent mouse complete with see-through organs
- 2 Pope Francis issues top 10 tips for happiness
- 3 Disney heiress Abigail disowns her share of family profits in West Bank company
- 4 Israel's propaganda machine is finally starting to misfire
- 5 Amazonian Indian tribe filmed making contact with Brazil village in rare video footage
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
- < Previous
- Next >
iJobs Money & Business
£300 - £350 per day: Orgtel: Financial Analyst, Forecasting, Halifax, Banking,...
£500 per day: Orgtel: Business Architect - Banking - Bristol - £500 per day A...
£200 - £500 per day + competitive: Orgtel: I am currently working on a large p...
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...