Switzerland-based diversified miner Xstrata (LSE: XTA) has withdrawn a proposal to merge with multinational competitor Anglo American (LSE: AAL), both companies said in separate statements.Previously, the UK’s takeover panel gave Xstrata until October 20 to either present a formal offer for a merger with Anglo American or issue a statement specifying it was not going to make an offer.
See http://www.bnamericas.com/news/mining/Xstrata_withdraws_offer_for_Anglo_American/158261297.