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Anglo American In Advanced Talks To Buy Sirius Minerals In £386 Mln Cash Deal

Anglo American plc (AAUKY.PK,AAL.L) and Sirius Minerals Plc (SXX.L) announced Wednesday that the companies are in advanced discussions regarding a possible offer at a value of 5.5 pence per Sirius share, in cash.

The proposal would value the entire issued share capital of Sirius at approximately 386 million pounds.

In its statement, Sirius Minerals said the offer represents a premium of 34.1% to the closing price of 4.10 pence per Sirius share on January 7, being the last business day prior to the date of this announcement. It also represents a premium of 46.5% to the volume-weighted average price of 3.75 pence per Sirius share since the September 17 Strategic Review announcement.

In September 2019, Sirius announced that it was undertaking a strategic review in order to assess the development plan for its North Yorkshire polyhalite project and an appropriate financing structure to provide relevant funding.

Sirius also announced that the strategic review would include a broader process to seek a major strategic partner in the Project.

In November 2019, Sirius provided an update on the progress of this strategic review, including a revised two-stage development plan.

Meanwhile, Anglo American said it identified the Project as being of potential interest some time ago.

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