/ 18 August 1999

BILLITON SHARES DIP

SHARES in London-listed miner Billiton Plc fell back on profit-taking on Monday, surrendering some of last week’s strong gains as the market took the view that no corporate deal is imminent. By 11.00 GMT the stock was down 16 pence, or 5,4%, at 279p, the biggest loser in the FTSE 100 blue chip index. Speculation had centred on Billiton, with cheap smelting operations in southern Africa, as an attractive target for Anglo American Plc or Rio Tinto Plc in the wake of last week’s merger news. But analysts said on Monday there was no immediate pressure on upstream aluminium companies to match the downstream consolidation triggered by the planned three-way link-up of Alcan, Pechiney SA and Algroup, and Alcoa’s bid for Reynolds.