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SAfrica says possible Anglo merger "unacceptable"
CAPE TOWN, June 23 |
CAPE TOWN, June 23 (Reuters) - South Africa's mining minister said on Tuesday the government was opposed to a possible merger between Xstrata (XTA.L) and rival Anglo American Plc (AAL.L), terming such a potential move as "unacceptable".
"That is unhealthy. That is uncompetitive and in terms of the global standards and principles it is just unacceptable," Mining Minister Susan Shabangu told reporters.
"Definitely monopolies cannot be promoted in South Africa."
Anglo rejected Xstrata's "merger of equals" proposal on Monday, knocking a no-premium marriage and a combination with what it regards as Xstrata's inferior mines.
The snub came a day after Xstrata unveiled its plan and after top Anglo shareholders pressed for a big premium to create a giant to compete in a consolidating mining sector.
(Reporting by Wendell Roelf)
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