commiss decis april declar concentr compat common market function eea agreement case iv anglo american corpor lonrho english text authent text eea relev ec commiss european commun regard treati establish european commun regard agreement european econom area articl thereof regard council regul eec decemb control concentr undertak amend act access austria finland sweden articl thereof regard commiss decis decemb initi proceed case undertak concern opportun make view object rais commiss regard opinion advisori committe concentr novemb anglo american corpor south africa limit aac notifi commiss acquisit sharehold lonrho plc lonrho examin notif commiss conclud notifi oper fall scope council regul eec merger regul aac oper acquir sole control lonrho mean articl merger regul commiss decid initi proceed applic articl merger regul decemb mean provision decis date decemb commiss order interim measur effect suspens concentr pursuant articl merger regul interim measur confirm commiss final decis pursuant articl date februari parti gt refer film gt aac group compani anglo american corpor south africa limit de beer consolid mine limit aac diversifi south african compani involv mine financ commerc industri aac headquart johannesburg share list stock exchang includ johannesburg london frankfurt zurich aac incorpor initi ernest oppenheim famili significantli involv dai dai manag oppenheim famili similarli involv de beer consolid mine limit dbcm begin centuri compani basi creation south africa largest mine financ hous substanti cross sharehold aac dbcm fact main sharehold aac dbcm hold convers aac main sharehold dbcm board director aac dbcm larg degre overlap dbcm director aac board person hold post chairman deputi chairman compani notif aac sharehold aac dbcm lonrho amalgam purpos oper larger sharehold aac south african mutual life assur societi sa mutual standard bank nomine tvl pty limit addit southern life associ limit southern hold aac share larger sharehold dbcm broadli ident aac sa mutual standard bank nomine hold dbcm share compani hold excess dbcm share cmb nomine pty limit debswana diamond compani pty limit compani indirectli jointli control aac aac dbcm hold invest vast number direct indirect subsidiari compani invest mine financ commerc industri south africa world wide apprais aac group confin assess relationship import assess aac acquisit share lonrho central hold limit central hold intern limit oppenheim amp son pty limit largest sharehold aac central hold limit chl hold share chl wholli own central hold intern limit chil liberian compani chil serv vehicl hold share commiss sought establish complet natur hold inform chil hold wide varieti invest detail inform exact extent hold provid chil board consist member aac board aac submiss commiss acknowledg member board aac dbcm board chl oppenheim amp son pty limit quot eo quot subsidiari chil compani control oppenheim famili number director aac dbcm board paid eo case recov remuner aac dbcm aac subsequ state eo chil control oppenheim famili contain refer submiss intend impli control view sharehold directorship histor presenc oppenheim famili aac dbcm commiss questionnair address chil oppenheim famili sought establish complet natur oppenheim famili relationship question famili possibl exercis decis influenc chil aac dbcm question fulli answer commiss conclud possibl remain link hold relev assess exist aac receipt commiss statement pursuant articl merger regul conced base contractu arrang procur chil vote share lonrho instruct aac question complet natur oppenheim famili hold left open southern life associ limit southern life assur compani list johannesburg stock exchang aac annual report defin southern associ aac dbcm associ defin long term invest group hold equiti capit abil particip financi oper polici decis aac direct interest southern chairman deputi chairmen member southern board appoint aac figur provid southern aac aac sharehold constitut clear major total number share sharehold attend southern agm aac dbcm sharehold number director includ deputi chairman board nation bank hold limit direct sharehold southern convers southern direct sharehold nation bank southern nation bank defin associ aac major sharehold southern identifi hold nation nomine share held benefit act nomine compani southern southern share directli indirectli connect aac fact aac maintain posit procur southern vote share lonrho instruct aac commiss accept argument conclud aac sharehold board represent posit exercis decis influenc southern reason conclus explain section ii lonrho lonrho uk compani activ mine agricultur trade properti lonrho base london list london johannesburg stock exchang ii oper oper consist acquisit aac relat compani lonrho share oper carri step march novemb base number agreement step interrel singl oper purpos assess agreement step aac enter agreement march mr bock lonrho chief execut laerstat bv laerstat compani control mr bock agreement aac agre procur purchas lonrho share consider agre aac grant refus relat lonrho share held laerstat intermedi step march share acquir laerstat swiss bank corpor act warburg divis sbcw march aac sbcw enter option agreement relat share agreement cancel replac option agreement date march set call put option relat lonrho share simultan sbcw enter similar option agreement balanc lonrho share acquir chil option exercis april april refus grant aac march replac agreement aac laerstat mr bock option agreement relat lonrho share supplement agreement set detail condit relat option option subsequ exercis novemb resolut director aac date march insight reason option agreement sbcw replac march resolut agreement aac chil dbcm share lonrho share aac hold share chil dbcm receipt commiss statement pursuant articl merger regul aac conced base agreement procur dbcm chil vote share lonrho instruct aac combin sharehold share acquir pursuant agreement stock market amalgam assess question oper result chang control lonrho previou hold transact april aac conjunct dbcm acquir share chil share lonrho stock exchang purchas total share apport share acquir pursuant option agreement prior concentr aac held indirectli southern share lonrho aac disput share amalgam aac dbcm chil purpos assess commiss accept view reason firstli aac share hold southern constitut clear major total number share sharehold attend southern agm aac contractu undertaken option agreement aac laerstat mr bock april final aac provid comprehens explan view compat definit southern aac annual report compani aac abil particip financi oper polici decis conclus oper basi agreement aac conjunct chil dbcm acquir total lonrho share take account share previous held southern acquir stock exchang total hold lonrho share aac posit control amount share oper note oppenheim famili chil share lonrho opac answer question commiss unabl conclud share ad total commiss conclud combin sharehold lonrho aac dbcm southern chil amalgam assess aac de facto basi acquir sole jointli dbcm chil possibl exercis decis influenc control lonrho iii concentr notif aac argu acquisit share lonrho constitut concentr mean merger regul basi argument twofold aac argu posit procur southern chil vote share held lonrho manner subsequ aac conced accept procur chil vote share instruct aac commiss accept aac argument southern aac argument larg base content procur chil southern vote lonrho share manner basi aac argu question acquisit share lonrho constitut concentr mean merger regul base accumul aac dbcm aggreg lonrho includ share held aac dbcm time notif aac conced figur maintain hold insuffici place aac relat compani posit possibl exert decis influenc lonrho set commiss consid question oper result chang control lonrho assess basi total hold shown evid poll held lonrho sharehold meet period show hold suffici command consist vote cast oper amount concentr mean articl merger regul sole control qualifi minor sharehold commiss notic notion concentr paragraph set factor determin sole control exist case qualifi minor sharehold state notic control aris minor sharehold abil achiev major sharehold meet remain share wide dispers number sharehold commiss appli polici number decis set annex summari vote lonrho sharehold meet period issu decid poll sharehold annex sharehold amount major vote cast meet except agm annex past year number share vote gener meet sharehold repres share capit meet contenti issu appoint mr rowland presid share vote repres share capit aac argu reliabl method test influenc sharehold refer resolut contenti matter aac vote resolut appoint mr rowland presid lonrho test aac control lonrho aac view control lonrho reject resolut appoint mr rowland presid lonrho except relev assess control guid futur vote pattern resolut except due fact firstli resolut concern commerci issu mr rowland director presid properli honorari post board endors resolut decid oust mr rowland board recommend sharehold vote resolut turn resolut vote recommend board resolut biggest sharehold time manag director chief execut mr bock hold lonrho share mr bock contractu oblig vote share resolut disput mr bock lonrho board unanim agre recommend sharehold vote resolut view commiss recommend subsequ vote resolut demonstr influenc largest sharehold board lonrho aac argu trend institut sharehold lonrho proport issu share repres gener meet continu increas implic futur aac sharehold expect repres vote cast view commiss proport institut sharehold increas year contrari aac argument clear trend number share repres gener meet lonrho sharehold conclud number share repres gener meet sharehold futur substanti past aac argu respons commiss statement pursuant articl respons convert bond due potenti repres share current share capit issu bond potenti dilut aac sharehold aac hold bond convers price penc share current share price penc share share price increas futur short term incent convert bond share case aac adjust sharehold correspondingli purchas share market final aac argu lonrho board resist attempt aac nomin major board ralli support institut investor sharehold financi press realiti board precari posit challeng aac ralli support larg number sharehold reli continu support grant bodi institut sharehold chang dramat short period time juli februari proport share held institut sharehold million share decreas margin importantli dramat chang composit institut sharehold unit kingdom institut sharehold decreas unit state institut sharehold increas share volatil past institut sharehold consider board lonrho board sought sharehold support circumst clear sharehold structur board de facto reli support aac word aac element stabil sharehold structur guarante strategi direct compani consequ consist previou commiss decis conclud aac acquir possibl exercis decis influenc control lonrho conclus reinforc factor posit larg sharehold lonrho largest sharehold lonrho sa mutual share sa mutual concern note compani sharehold aac dbcm anglo american platinum corpor limit subsidiari amplat expect vote interest aac aac argu respons page paragraph assert wholli unsupport foundat board director sa mutual vote interest member policyhold mutual societi aac expect commiss consid point sa mutual vote aac sa mutual commerci interest support aac case support commerci polici aac lonrho benefit sa mutual sharehold aac dbcm amplat sa mutual sharehold aac dbcm amplat creat common commerci interest aac sa mutual interest lonrho concern sharehold sa mutual make aac outvot futur sharehold meet industri leadership aac industri mine compani signific sharehold lonrho aac argu respons page paragraph relev factor opportun aac exercis influenc sharehold represent board view commiss aac formal point view influenc lonrho sharehold board represent discuss commiss consid possibl exercis decis influenc sharehold suffici confer decis influenc fact aac industri mine compani signific sharehold lonrho add leverag aac lonrho increas influenc aac board nomin kei person mr wadeson technic director aac board lonrho aac strong posit influenc strategi direct lonrho case mine asset institut sharehold posit expect institut sharehold support propos board produc support highli qualifi aac director board lonrho word aac nomin major board director order strong influenc board decis simpli major industri mine compani aac argu board act time interest compani sharehold matter law irrespect pressur signific minor sharehold respons page paragraph question board fulfil legal oblig aac presenc board lonrho result anti competit market outcom competit polici view respect note expect gener anti competit outcom benefici lonrho sharehold harm consum aac influenc board necessarili impli director board breach legal oblig director hold lonrho director hold total share compani expect vote aac capac main sharehold aac argu plainli wrong lonrho director own share compani vote share person interest regard posit respons director respons page paragraph hear case februari lonrho board lonrho reach decis consensu situat lonrho director expect vote share recommend board reach decis bring board conflict aac director posit vi vi aac circumst lonrho director expect vote aac capac main sharehold conclus vote cast aac gener meet sharehold lonrho secur aac possibl exercis decis influenc lonrho addit addit factor reinforc aac control lonrho decis influenc london context aac argu respons commiss reli polici notic notion concentr alter fundament notion concentr defin articl merger regul aac submit question decis influenc exist examin proper factual econom legal context respons page paragraph purpos aac examin compani call london context meant legal framework uk list compani regul specif aac examin notion control uk takeov code posit board director role sharehold list compani influenc board recommend sharehold notion control uk takeov code uk takeov code sharehold acquir share list compani oblig make gener bid compani threshold met current oper aac takeov place argument accept threshold relev test purpos assess control merger regul sharehold make gener bid compani order acquir control mean merger regul threshold uk takeov code consid board aac london context respons board list compani determin strategi direct manag compani sharehold aac sharehold limit role determin strategi set direct compani gener sharehold meet year purpos meet deal routin matter receipt approv annual report account elect director influenc board recommend final aac london context sharehold strongli influenc board recommend regard propos highli unusu propos support board approv sharehold commiss recognis board lonrho past plai crucial role determin strategi set direct compani role sharehold confin gener meet sharehold meet board recommend sharehold discuss case contenti resolut appoint mr rowland presid lonrho recent year largest sharehold mr rowland mr bock board lonrho addit act chief execut word recommend board lonrho tantamount recommend main sharehold equal valid past lonrho sharehold main sharehold influenc lonrho platinum divis lpd aac argu stake lonrho vill confer influenc lpd board represent level sharehold lonrho aac base argument fact view lpd board oper independ lonrho aac stress plan relat lpd recognis lonrho invest portfolio asset interest aac gold coal commiss find difficult accept aac interest coordin busi lpd platinum busi assumpt aac plan relat lpd case relev assess relev lonrho stake lpd control mean articl merger regul acquisit aac dbcm chil share capit lonrho confer aac structur possibl exercis decis influenc lpd conclus clear aac possibl exercis decis influenc lonrho firstli discuss aac largest sharehold hold share expect cast vote gener meet sharehold expect sa mutual vote sharehold interest aac reinforc posit aac final addit factor mention add leverag aac lonrho reinforc possibl aac exercis decis influenc board lonrho conclus commiss recognis legal framework control uk list compani exercis view commiss analysi discuss section sole control quot qualifi minor quot sharehold fulli reflect legal framework oper amount concentr sens articl merger regul iv commun dimens aac essenti invest hold compani deriv bulk incom invest turnov retain record produc data fact aac identifi compani notif anglo american coal corpor anglo american industri corpor anglo american properti elandsrand gold mine compani control mean articl merger regul world wide turnov exce ecu billion commun turnov excess ecu million lonrho annual account year end septemb disclos worldwid turnov ecu billion sale uk europ ecu billion view figur aac lonrho achiev third sale member state conclud oper commun dimens relev market relev product market platinum group metal aac identifi area overlap oper activ lonrho coal gold sugar platinum group metal pgm aspect transact coal commiss satisfi merger regul appli sector assess accord articl ecsc treati similarli commiss satisfi overlap product gold sugar give rise affect market defin annex commiss regul ec decemb notif time limit hear provid council regul eec control concentr undertak consid aac identifi affect market case product pgm primari reprocess sourc or bodi pgm found princip south africa russia reprocess pgm recov spent autocatalyst technic physic differ metal obtain sourc commiss discuss pgm market detail earlier decis case iv gencor lonrho pgm platinum palladium rhodium iridium osmium ruthenium emploi wide rang applic includ jewelleri catalyt convert automobil gener industri catalyt applic electron equip compon dental invest total worldwid sale pgm amount ecu billion platinum import sale wide pgm origin group palladium rhodium rank import pgm sale remain pgm iridium osmium ruthenium lesser commerci import account total sale pgm commonli alloi platinum palladium addit small number specialis applic prefer physic chemic characterist tabl term volum thousand troi ounc show main import pgm gt tabl gt case iv gencor lonrho commiss conclud platinum palladium rhodium iridium osmium ruthenium constitut separ relev product market explain conclus maintain present case platinum main platinum shown tabl main applic platinum autocatalyst industri jewelleri residu amount sold invest purpos substitut platinum metal limit purpos autocatalyst base platinum palladium rhodium develop elimin danger gase emit motor vehicl engin exhaust carbon monoxid nitrou oxid nox unburn hydrocarbon hc function autocatalyst convert noxiou gase harm compon carbon dioxid nitrogen water platinum activ metal hc convers affect lead sulphur fuel work low temperatur reduc nox effici task rhodium perform palladium abil convert hc reduc nox easili contamin slow oper platinum palladium rhodium perform differ catalyt convers requir autocatalyst remov noxiou constitu platinum palladium rhodium vari ratio combin autocatalyst main driver choic metal load ratio cost pgm achiev catalyt perform meet specif legisl requir load vari factor engin size fuel petrol diesel effici level sought vehicl mass manufactur design technolog autocatalyst compris platinum palladium rhodium platinum rhodium palladium exist market platinum palladium rhodium limit extent substitut autocatalyst ow complementari properti platinum palladium rhodium frequent formul autocatalyst substitut possibl pgm composit autocatalyst account fact slow requir lead time year costli requir substanti amp test ascertain catalyst meet tightenirig environment regul switch cost automobil manufactur cost pgm involv constrain limit possibl substitut pgm autocatalyt applic final recal diesel engin current technolog fit platinum convert notif aac state recent trend replac platinum palladium autocatalyst system aac trend driven technic perform price consider motor manufactur respond stringent emiss standard notif page commiss investig confirm view trend evid platinum palladium substitut part relev product market replac platinum palladium chang respons technolog develop ow price chang word trend take place respons price increas platinum palladium shown superior perform autocatalyst question conclus technolog advanc affect usag pattern pgm autocatalyst substitut pgm respons price palladium increas proport platinum market demand platinum continu platinum remain essenti element autocatalyst industri applic platinum wide utilis industri applic catalyst gauz manufactur nitric acid fertilis glass industri equip made platinum rhodium alloi highli corros oper environ need product high qualiti lcd glass screen comput televis substitut possibl platinum industri applic jewelleri platinum pgm jewelleri preciou preciou metal platinum jewelleri expens gold jewelleri due higher unit cost higher puriti gold jewelleri harder work gold demand platinum jewelleri domin japanes market world demand platinum jewelleri japanes consum uniqu characterist japanes jewelleri market crucial influenc demand platinum specif gold substitut platinum signific extent explain gold substitut platinum japanes jewelleri market reason high level consumpt platinum jewelleri japan histor firstli japanes cultur place high puriti platinum satisfi prefer ow standard puriti fact metal whitish appear year import gold japan tightli control tradit platinum jewelleri develop final strength yen recent year rel dollar platinum price support japanes demand platinum preciou metal gold commiss examin retail market data order assess current market posit platinum versu gold japan million piec jewelleri made platinum gold platinum gold combin sold japan unit term platinum account piec sold total sale gold piec sold balanc account combin platinum gold jewelleri platinum product expens jewelleri includ gem stone measur sale platinum jewelleri account sale jewelleri gem stone convers gold jewelleri includ stone account sale platinum gold combin remaind platinum overwhelm choic ring japan engag ring wed ring ring made platinum engag ring made gold platinum gold combin similarli wed ring platinum gold gold superior popular platinum gold platinum gold combin ring remain fairli steadi recent year ow uniqu characterist influenc jewelleri bui pattern japan contrast platinum type jewelleri measur sale platinum account pendant necklac ear sold japan gold platinum substitut jewelleri purpos usag pattern term jewelleri substanti differ price level gold platinum jewelleri japanes market indic gold platinum jewelleri larg extent substitut jewelleri purpos importantli price elast estim japanes demand platinum jewelleri confirm platinum subject strong competit metal estim price elast japanes demand platinum jewelleri requir econometr estim studi cover period commiss commiss factor influenc price platinum ii price elast japanes demand platinum jewelleri estim inelast numer smaller price inelast impli low substitut view data conclud demand platinum jewelleri subject strong competit preciou metal japanes market discuss consist market posit platinum versu gold japanes jewelleri market invest demand platinum sold individu compani princip japan hold form platinum bar invest demand specul platinum posit similar gold histor mean payment invest demand platinum reflect underli platinum autocatalyst industri purpos jewelleri give platinum addit evid accumul stock bar coin enter market platinum demonstr johnson matthei platinum interim review platinum interim review show revers invest demand year type bar conclus realiti substitut platinum main applic autocatalyst industri process jewelleri conclus confirm analysi factor influenc price platinum ii factor influenc platinum price commiss consid fundament underli suppli demand requir platinum jewelleri autocatalyst industri purpos critic impact price platinum princip fundament factor specul drive price metal time observ metal analysi outlook order establish fundament suppli demand factor price commiss track import factor affect price period extract journal metal analysi outlook forecast develop market quarter quarter document found import factor forecast south african product expans suspens shaft level recycl platinum level almaz sale russian state forecast nickel product level stockpil autocatalyst car demand jewelleri demand japan econom condit countri yen dollar exchang rate pipelin stock stock process factor enumer show price platinum driven fundament suppli demand factor platinum commiss studi factor affect platinum price movement purpos commiss studi determin import factor drive platinum price main conclus studi platinum price statist correl gold price short term basi necessarili long term basi relationship shown paragraph spuriou platinum price driven fundament suppli demand platinum industri determin signific relationship platinum price major macro econom indic gold price major macro econom indic inflat interest rate exchang rate econom growth platinum futur market primarili forward market high level specul activ longterm fundament prevail decis price determin factor demand platinum price inelast section iii whilst platinum market smaller volatil gold evid excess specul activ unlik gold limit stock platinum satisfi period spike invest demand conclus platinum market highli specul market fundament suppli demand factor import platinum price price correl platinum gold silver rhodium palladium spuriou price preciou metal gold platinum highli correl high correl impli causal relationship econom price seri data stationari trend automat correl commiss undertaken elabor analysi correl price platinum gold silver rhodium palladium commiss undertook integr analysi data set price platinum rhodium palladium gold silver price integr analysi econometr method test systemat equilibrium long run relationship time seri data result analysi show data suggest equilibrium long run relationship respect price level platinum rhodium palladium gold silver subset metal econometr analysi metal price platinum rhodium palladium gold silver price tend vari long run independ confirm view platinum rhodium palladium silver gold separ relev product market conclus analysi factor influenc price platinum platinum price time driven fundament suppli demand factor platinum demand autocatalyst industri process jewelleri platinum price influenc short term specul movement preciou metal gold platinum price driven price preciou metal longer period time iii demand platinum price inelast portion platinum demand account industri process autocatalyst price inelast price elast close basic appreci substitut platinum purpos price increas small signific amount price elast jewelleri demand japanes market found abovement studi price inelast elast autocatalyst industri process account market japanes jewelleri market mean price elast global platinum market highli inelast remain demand jewelleri japan invest jewelleri market japan limit price elast demand platinum jewelleri special market product effect invest demand price elast limit conclud price elast total market inelast numer smaller price elast numer smaller impli cross price substitut elast metal smaller compet itiv impact metal high price inelast demand platinum separ relev product market demand platinum price inelast current price rang mean shift price level signific substitut start place commiss recognis substanti substitut platinum metal exclud subject lead time greater increas price phenomenon wit case rhodium price rhodium increas usd usd ounc begin price increas buyer rhodium start develop work aim find substitut result rhodium disappear extrem price increas test purpos defin relev product market iv conclus notif aac state recent trend substitut platinum palladium autocatalyst system platinum substitut preciou metal jewelleri applic invest purpos compet form invest commiss recognis element base analysi commiss conclud element strong platinum gold palladium part relev product market commiss maintain conclus case iv gencor lonrho platinum separ relev product market relev product market gold palladium palladium palladium industri purpos oz yearli palladium demand jewelleri alloi platinum allergen whiten agent gold specif palladium substitut platinum jewelleri palladium wide autocatalyst industri catalyst petroleum refin chemic industri emploi reduc loss platinum rhodium convers ammonia nitric acid palladium import strateg raw materi electron compon palladium compon multi layer ceram capacitor mlcc compon wide electron telecommun equip singl mobil phone hundr mlcc palladium found or bodi platinum produc albeit refin process compani platinum discuss platinum palladium price vari independ price pgm gold silver price section ii commiss conclus palladium constitut separ relev product market rhodium rhodium automot purpos rhodium found or bodi platinum produc albeit refin process compani platinum discuss platinum rhodium price vari independ price pgm gold silver price section ii substitut section reason price elast close current price rang commiss conclus rhodium constitut separ relev product market ruthenium iridium osmium remain pgm iridium osmium ruthenium lesser commerci import commonli alloi platinum palladium substitut metal base public data price price develop independ metal separ relev product market relev geograph market pgm fungibl materi easili transport refin puriti standard world readili trade tariff barrier case iv gencor lonrho market pgm found global conclus maintain present case platinum palladium platinum palladium sold worldwid basi long term contract metal market price platinum palladium bought long term contract link market price index gener fix monthli basi averag daili fix exchang month prior month deliveri price express dollar troi ounc gross princip metal exchang platinum palladium london platinum palladium market lppm york mercantil exchang nymex tokyo commod exchang industri tocom defin specif requir platinum palladium determin form weight puriti mark metal conform order trade metal exchang produc recognis good deliveri produc manufactur materi accept trade market number produc recognis agreement lppm market spot market nymex tocom futur market nymex import metal exchang function part integr world market platinum palladium trader regularli act market place simultan trade lppm spot market physic deliveri hedg posit futur market york metal exchang realiti interlink worldwid geograph market world market price express dollar troi ounc platinum palladium notif aac agre market platinum palladium global aac provid data deliveri europ recognis ow fungibl natur pgm assum metal deliv europ consum convers metal deliv europ rhodium iridium osmium ruthenium market rhodium iridium osmium ruthenium develop metal trade global basi publicli quot price express dollar troi ounc ow worldwid trade market price determin rhodium iridium osmium ruthenium relev geograph market metal worldwid notif aac agre rhodium market global market data iridium osmium ruthenium insuffici answer question vi compat common market eea agreement commiss conclus oper creat domin posit platinum rhodium market palladium appear russian produc domin current oper affect posit creation strengthen domin posit occur market iridium ruthenium osmium overlap parti lonrho produc metal platinum rhodium market assess sourc pgm proven probabl reserv exist mine primari pgm pgm occur natur or bodi tend concentr ferrou metal iron nickel copper chromium cobalt result geolog process proport metal found or bodi vari geograph region instanc south africa pgm or richer platinum area convers russia or bodi produc predominantli palladium explain russian present suppli major part world palladium pgm basic mine area bushveld complex south africa noril sk deposit northern siberia bushveld complex south africa major area deposit mine pgm content noril sk deposit northern siberia pgm mine product nickel minor pgm deposit exist countri case econom viabl mine or import deposit mine bushveld complex noril sk found eastern siberia unit state stillwat canada inco offici reserv figur european miner yearbook bushveld complex account world reserv pgm russia product mine nickel mine project hartlei mine zimbabw own australian compani bhp delta gold sourc pgm mine insignific actor term volum pgm market recycl pgm recycl expect limit impact platinum market forese futur recycl take form close circuit pgm industri catalyst metal refurbish period oper metal toll refin ownership chang recycl loss occur small extent process recycl metal enter market impact market replac small loss recycl scrap autocatalyst import sourc pgm scrap johnson matthei estim volum troi ounc recov recent year sourc gt tabl gt recoveri repres total platinum palladium rhodium suppli year volum pgm recov increas year absolut share total suppli pgm remain low enact legisl protect environ countri volum platinum palladium rhodium recov autocatalyst amount averag gross autocatalyst pgm consumpt ratio japan north america area legisl protect environ place longer reason low level recoveri car necessarili scrap export africa eastern europ eea mexico usa export estim reduc spent autocatalyst avail europ scrap yard remov autocatalyst car includ catalyst last longer origin forecast recoveri process long costli long month collect autocatalyst scrap yard convers pgm costli collect system establish capit invest incur smelt preciou metal refin capac financi benefit recycl limit primari produc process spent autocatalyst drive price question long independ recycl continu oper notwithstand fact estim industri sourc long run recycl pgm account third gross autocatalyst demand level achiev tighter environment legisl produc respons account product light north american experi happen year conclus basi primari pgm essenti continu reserv south africa russia recycl autocatalyst pgm form limit supplementari sourc suppli situat expect chang forese futur platinum market posit parti aac control directli indirectli anglo american platinum corpor limit relat compani rustenburg platinum hold limit rusplat potgietersrust platinum limit pp rust lebowa platinum mine limit lebowa compani collect amplat specif aac dbcm hold directli share anglo american platinum corpor limit indirectli major sharehold anglo american platinum corpor limit standard bank nomine tvl pty limit sa mutual signific sharehold aac dbcm lonrho hold share western platinum limit eastern platinum limit form lpd impala platinum hold limit implat hold balanc combin market share amplat lpd primari platinum recoveri recycl includ annex ii iii aac hold share main downstream oper pgm industri johnson matthei base uk engelhard base usa compani fabric transform pure pgm product autocatali current competit current competitor amplat lpd gencor subsidiari implat russian govern russian ministri financ russian produc amplat lead produc implat competit platinum industri provid lpd russian produc past decad period market doubl size million ounc russia increas market share lpd increas market share market share amplat implat decreas expans lpd russian produc main factor keep real price roughli level develop platinum price movement market share grow market indic competit platinum market past decad provid lpd russian russia major supplier platinum produc product nickel noril sk nickel mine noril sk mine poor condit ow lack invest huge environment problem estim cost usd billion remov environment problem wide accept product fallen late sale made stock recent year product estim russian sale ounc annual suppli come stock platinum johnson matthei believ industri russian stop sell stock year time futur reduct russian sale lead decreas russian produc competit forc platinum market south african produc amplat lpd fill futur demand gap left russian produc invest noril sk mine part russian govern privatis programm johnson matthei platinum auction share won russian bank uneximbank effect acquir govern sharehold vote right uneximbank attempt impos manag met strong resist disput moscow court arbitr time compani subject investig privatis state own compani special committe set state duma communist singl largest group johnson matthei maintain output longer term signific invest requir develop replac or reserv upgrad process facil forthcom noril sk nickel ownership question platinum stage manag ownership issu noril sk settl connect import note invest forthcom futur year market impact ow long invest lead time mine industri implat expect limit sourc competit futur implat annual report amplat implat circular sharehold propos gencor lonrho merger amplat lpd control larg major reserv bushveld complex importantli amplat lpd control low cost reserv bushveld complex implat access deeper high cost reserv fact contribut declin market share recent year annex iii differ natur reserv amplat lpd strateg advantag implat stillwat inco margin produc mine platinum product palladium nickel fourth south african mine northam margin produc market share deep reserv make high cost oper futur doubt ow lack profit aac gencor group link sharehold gold field south africa own major share northam current oper link aac gencor minor sharehold implat lpd final discuss recycl expect limit impact platinum market impact recycl limit competit structur recycl industri present europ main recycl union minièr degussa primari produc implat russian produc recycl autocatalyst scrap content platinum produc competit advantag comparison compani union minièr degussa recycl fring activ carri produc lower cost long term viabil recycl activ compani union minièr degussa threaten oper primari produc conclus current oper bring amplat lpd produc reserv prospect industri russian produc expect stop sell stock forecast combin market share amplat lpd increas platinum market competit amplat lpd implat russian produc produc constrain behaviour amplat lpd implat strateg disadvantag compar amplat lpd due low cost reserv amplat lpd russian produc huge environment problem mine poor condit invest potenti competit discuss global high qualiti or reserv platinum hand amplat implat lpd russia definit barrier entri mine stream futur hartlei mine zimbabw oper mid forecast potenti produc oz year annual world product signific potenti competit forese futur platinum market countervail buyer power industri custom account greatest part platinum purchas purchas acquir long term contract fabric industri user final custom end custom countervail purchas power signific ow indispens natur product larg number downstream custom fabric industri user simpli pass price increas final consum final countervail buyer power exist dilut fact biggest fabric johnson matthei engelhard link amplat conclus transact creat domin posit aac platinum market combin market share amplat lpd estim amplat lpd oper signific growth prospect forese futur due larg low cost reserv hold kei platinum market futur market share amplat lpd increas year estim recal implat northam link amplat lpd aac hold indirectli share downstream fabric trade oper industri amplat lpd overwhelm market posit platinum industri act appreci extent independ competitor custom ultim consum specif expect industri sourc russian produc share market halv year total demand platinum continu grow ten year leav suppli deficit fill sourc result price increas view higher cost reserv implat suppli deficit cover implat mine current price rang addit suppli north america zimbabw recycl limit major sourc platinum cover suppli deficit amplat lpd amplat lpd posit determin increas platinum price due price inelast demand current price rang respect act appreci extent independ competitor custom ultim consum rhodium platinum amplat lpd combin market share primari rhodium market recycl includ competit structur rhodium market similar platinum similar reason discuss platinum market current transact rise domin posit rhodium vii undertak submit aac aac submit undertak resolv competit concern rais concentr notif subsequ period foreseen articl commiss regul ec undertak submit notif submit march satisfi commiss concern subsequ april aac submit revis undertak previous suppli revis undertak final formalis april letter april integr attach document detail revis undertak set decis appreci revis undertak submit time period foreseen commiss regul ec regul commiss except circumst extend month period case note aac submit undertak month period discuss advisori committe meet april prepar reconsid offer accept remedi week meet case except preliminari draft decis discuss advisori committe combin decis pursuant articl merger regul articl order effect contain term revis undertak submit aac concentr implement order avoid unnecessari harm aac relat compani consid permit aac greater flexibl allow put place undertak term impos term articl order member state parti allow reason time submit comment revis undertak summari revis undertak includ transfer share trust share held aac dbcm lonrho independ truste aac dbcm chil southern retain lonrho share subsequ period date decis trust share vote aac dbcm prior approv commiss truste abstain vote share addit aac dbcm undertaken dispos trust share aggreg sharehold aac dbcm chil southern exce end date decis lonrho dispos entireti sharehold eastern platinum limit western platinum limit independ parti includ gencor limit court instanc find commiss case gencor commiss undertak aac dbcm dispos trust share ceas effect aac dbcm fail dispos trust share prior expiri date decis aac appoint invest bank similar institut work aac find purchas trust share invest bank irrevoc mandat sell trust share period sale trust share parti unrel aac final aac undertaken procur resign mr wadeson nomine lonrho board resign date decis trust share transfer truste commiss object aac put forward candid appoint lonrho board accord compani articl associ period aac nomine lonrho board trust share held truste aac lonrho agre ring fenc activ aac director mean parti commerci sensit inform lpd ring fenc appertain lonrho board director action lpd sharehold commerci agreement lpd ring fenc monitor independ truste report thereon commiss viii assess revis undertak revis undertak address competit concern aac lonrho combin oper form domin posit market platinum rhodium commiss satisfi reduct aac sharehold remov possibl exercis decis influenc lonrho achiev divest share held aac dbcm lonrho passiv financi investor compani sale lpd lonrho transfer trust share appoint invest banker overse effect sale trust share structur remedi requir merger regul procur resign mr wadeson director lonrho consist transfer trust share truste mr wadeson appoint aac entitl acquir share agreement march april time appoint aac interest block share give possibl exercis decis influenc lonrho hand aac dbcm remain larg sharehold lonrho commiss object nomine aac appoint lonrho board accord lonrho articl associ commiss believ impos oblig aac ensur effect oper revis undertak oblig concern method commiss permit truste vote trust share mean control ident parti trust share sold order deal matter time fashion order reduc hardship aac dbcm oblig trust share vote commiss permit method control ident purchas trust share base procedur opposit commiss paragraph aac dbcm truste vote trust share aac provid commiss relev data appertain vote inform aac provid inform prior date vote resolut question commiss submiss request object truste vote trust share requir inform submit truste free vote trust share ident purchas trust share commiss consid sale made compani signific platinum oper commiss appreci court instanc european commun uphold gencor applic case gencor commiss sale gencor choic parti sale trust share made aac dbcm truste invest banker restrict purchas compani person connect aac gencor group compani includ limit subsidiari parent compani compani member oppenheim famili compani control directli indirectli famili commiss posit assess choic purchas evid independ produc aac commiss sale made commiss submiss request formal disagr choic purchas requir evid independ purchas provid sale chosen purchas free proce recognis combin sharehold aac relat compani reduc exclud trust share permit transfer share previous design trust share aac undertaken transfer occur approv commiss dispos share previous trust share place dispos approv commiss commiss object transfer share previous design trust share provid aac demonstr combin hold aac group compani includ limit subsidiari parent compani compani member oppenheim famili compani control directli indirectli famili exce lonrho commiss submiss request formal disagr aac request transfer trust share aac proce aac state commiss approv term appoint invest bank similar institut adopt decis work aac sale trust share prior name appoint invest bank similar institut aac provid relev detail commiss commiss object thereto receiv relev detail appoint proce ix conclus notifi oper modifi revis undertak submit april creat strengthen domin posit market platinum rhodium condit revis undertak adher compat common market function eea agreement commit enter aac dbcm condit decis breach condit approv commiss oper void similarli oblig impos aac breach commiss revok decis pursuant articl merger regul adopt decis articl subject full complianc commit contain aac letter april vi vi commiss identifi paragraph oblig impos commiss articl concentr notifi aac novemb relat acquisit share lonrho declar compat common market function eea agreement articl aac dbcm truste vote trust share aac provid commiss relev data appertain vote inform aac provid inform prior date vote resolut question commiss submiss request object truste vote trust share requir inform provid truste free vote share articl parti trust share sold subject restrict purchas compani person connect aac gencor court instanc european commun uphold gencor applic case gencor commiss group compani includ limit subsidiari parent compani compani member oppenheim famili compani control directli indirectli famili commiss posit assess choic purchas evid independ produc aac commiss sale made commiss submiss request formal disagr choic purchas requir evid independ purchas provid sale chosen purchas proce articl event combin sharehold lonrho aac relat compani reduc exclud trust share permit transfer share previous design trust share commiss object transfer share previous design trust share provid aac demonstr combin hold aac group compani includ limit subsidiari parent compani compani member oppenheim famili compani control directli indirectli famili exce commiss submiss request formal disagr aac request transfer trust share aac proce articl adopt decis aac propos commiss term appoint invest bank similar institut work aac sale trust share commiss object receiv relev inform appoint proce articl decis address anglo american corpor south africa limit main street johannesburg republ south africa de beer consolid mine limit stockdal street kimberlei republ south africa brussel april commiss karel van miert member commiss oj correct version oj oj publish version decis inform hereinaft omit replac approxim figur pursuant articl regul eec disclosur busi secret total number share issu lonrho februari februari southern held share combin aac contractu abil factor support final conclus oj iv arjomari prioux sa wiggin teap appleton plc iv société générale de belgiqu générale de banqu iv jefferson smurfit group plc munksjo ab iv kvaerner trafalgar share repres increas contenti meet decreas egm gencor lonrho platinum merger agm egm dispos metropol hotel clear trend oj oj johnson matthei platinum interim review mean price increas quantiti demand decreas total sale revenu increas situat decreas quantiti sold novemb russian govern control sale pgm committe preciou metal sale agenc almaz end novemb respons transfer ministri financ platinum johnson matthei annex gt tabl gt annex ii gt tabl gt annex iii gt tabl gt