OWN CORRESPONDENT and REUTERS, Johannesburg | Wednesday 09.30am.
IRON and steel giant, Iscor, denied that it was fighting off a hostile takeover of all or any of its assets, despite media speculation to the contrary.
The company has not been approached by a predator seeking to take over the metals and minerals producer or any of its assets, an Iscor executive said.
“It is sheer media speculation; we haven’t had any approaches,” Phaldie Kalam, group executive for corporate affairs, said. “Our iron ore assets are the jewel in Iscor’s crown and they are definitely not for sale.”
Analysts said shares in Iscor jumped on speculation that some big players might be eyeing the group’s iron ore assets. Shares closed 140 cents, or 9.93 percent, higher at R15.50.
“Anglo American, Rio Tinto and Billiton are some of the companies that may be interested in Iscor’s Sishen mine,” one analyst said, adding that the value of the Sishen iron ore mine was probably more than Iscor’s entire market capitalisation.
Speculation of a potential bid comes in the wake of Anglo American’s A$3.1 billion offer for Australian iron ore miner North Ltd, outbidding Rio Tinto which had made a hostile bid of A$2.8 billion.