Aveng first step in acquiring LTA

Tuesday 15th August, 2000
Aveng cleared its first hurdle in acquiring LTA, after clarification that the company does not have to make an offer to minority shareholders of Australia's McConnell Dowell Corporation. McConnell Dowell is 64% owned by LTA. The group said that the Australian Securities and Investment Commission had exempted it from the provisions of the Australian Corporation Law. The group has also obtained an unconditional offer from Anglo American, the holder of 68% of LTA shares that it would accept the cash offer of R46 per LTA share.