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Xstrata Seeks Merger With Anglo American

Stock quotes in this article: AAUK , LNMIY.PK  

Updated from Sunday, June 21

ZUG, Switzerland -- Swiss mining giant Xstrata said Sunday it is seeking a merger with rival Anglo American PLC(AAUK Quote).

Xstrata said it "recently sent a written proposal to the board of Anglo American seeking their consideration of a merger of equals of the two companies."

"A merger of these two world-class companies with complementary assets is highly compelling," the company said in a statement posted on its Web site, adding that substantial cost savings could result if the deal proceeds. ...

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