Minorco S.A. - Disposal

RNS No 4263r
MINORCO S A
2nd March 1999

 
MINORCO REACHES AGREEMENT ON SALE OF ITS 31.8% STAKE IN ENGELHARD CORPORATION
 
Minorco is pleased to announce that it has reached agreement for Engelhard
Corporation to purchase approximately 18 million shares of Engelhard stock
owned by Minorco, with the remainder of Minorco's 31.8% stake (approximately
28 million shares) to be sold through an underwritten public offering.
 
Minorco previously announced its intention to divest its interest in Engelhard
prior to the combination of its businesses with those of Anglo American
Corporation of South Africa Limited to form a new UK domiciled company, Anglo
American plc, which is expected to occur by the end of May 1999.
 
Under terms of the agreement, Engelhard will purchase approximately 18 million
shares at $18.90 per share or the price received by Minorco in the secondary
offering less the underwriting spread, whichever is lower.
 
Engelhard also has agreed to purchase up to an additional two million shares
if available at the end of  the public offering.
 
Minorco's remaining stake in Engelhard, approximately 28 million shares, will
be sold by means of prospectus in an underwritten public offering. Engelhard
has filed a shelf registration on Form S-3.
 
In addition, Minorco will compensate Engelhard for the costs and expenses
incurred in connection with the transaction.
 
Engelhard's purchase of shares and the secondary offering are expected to be
completed no later than the middle of April 1999.
 
Minorco is an international natural resources group with operations and
investments in base metals, industrial minerals, paper and packaging and
agribusiness.
 
Luxembourg - March 2, 1999
 
A registration statement relating to the securities to be sold by Minorco in
the public offering has been filed with the Securities and Exchange
Commission, but has not yet become effective. These securities may not be sold
nor may offers to buy be accepted prior to the time the registration statement
becomes effective.
 
Enquiries:
Colin Campbell
Minorco
[phone]
 
 
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