ACG Metals decides against making offer for Anglo Asian Mining with assets in Azerbaijan
BAKU. Dec 12 (Interfax) - ACG Metals Limited has decided against making an offer to buy Anglo Asian Mining Plc (AAM), which has a portfolio of gold, silver and copper projects in Azerbaijan.
"Further to the announcement issued by ACG on November 226, 2025, ACG confirms that it does not intend to make an offer for Anglo Asian Mining Plc. This decision has been reached following a thorough review by ACG of Anglo Asian's asset base," AMM said in a statement.
It said ACG had always applied a highly disciplined approach to capital allocation including to potential M&A opportunities, as well as a focus on protecting the value of ACG's equity. "Applying these two core filters, ACG does not believe that an acquisition of Anglo Asian would result in value creation for ACG's stakeholders," AMM said.
This is a statement to which Rule 2.8 of the UK Takeover Code applies, preventing anyone who states they do not intend to make a bid from resubmitting one for a certain period afterwards.
ACG Metals Limited on November 26 said it was in the early stages of considering making an offer for the entire issued and to be issued ordinary share capital of AAM. AAM said it was awaiting confirmation from ACG of its intentions by December 24.
ACG said the announcement did not amount to a firm intention by ACG to make an offer under Rule 2.7 of the Code and there could be no certainty that an offer for Anglo Asian will ultimately be made by ACG.
The LSE-listed ACG Metals Limited mines base and precious metals, including copper, gold and silver. It owns the Gediktepe mine in Turkey which produces gold and is expected to transition to primary copper and zinc production.
Azerbaijan signed a production sharing agreement with Anglo Asian in August 1997. Azerbaijan's CJSC AzerGold owns 51% and AAM holds the remaining 49%. AAM currently mines precious metals at the Gedabek and Gosha deposits. At present, the company holds the rights to eight contract areas in Azerbaijan.
