Xstrata Merger Spurned By Anglo-American

(Update: Adds detail regarding Anglo-American's process of rejecting Xstrata's bid.)

Anglo-American(AAUK Quote) has rejected a merger offer from global mining rival Xstrata.

In spurning the proposal, Anglo-American, the world's biggest platinum extractor, argued in a strongly worded press release that combining with Xstrata would only serve to expose its business to what it perceives to be the lower-growth nickel and zinc markets.

In addition to platinum, Anglo-American derives much of its revenue from diamond mining. ...