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02.09.2003 Business & Finance

Societe Generale to make Ashanti decision known soon - Bannerman

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Accra, Sept 2, GNA - Societe Generale, the multi-national Bank that is advising government on the take-over bid of Ashanti Goldfields Company by either Anglogold or Randgold, would soon make its findings known.
Briefing Journalists in Accra on Tuesday, Mrs Cecilia Bannerman, Minister of Mines, said Societe Generale was still working behind the scenes.
The Minister, who was speaking at the 'Meet the Press Series' in Accra, said officials of Bank came to Accra two weeks ago to consult with mining companies and operators as well as with officials of the Bank of Ghana, Ministry of Finance and Economic Planning and the Ghana Stock Exchange.
"They also interviewed officials of Randgold, Anglogold and Ashanti Goldfields Company."
She said Randgold and Ashanti are in consultation to conduct due diligence exercises adding that after this, Randgold would make an appropriate offer.
"The offer made so far is just an indicative one and the right one will be made after due diligence exercise is made." Mrs Bannerman explained that government appointed Societe Generale to undertake a task and would wait patiently for the result. The Bank was expected to present its report on the final decision

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