July 8 (Bloomberg) -- Xstrata Plc will consider trading its shares on Johannesburg’s stock exchange if it merges with Anglo American Plc, said Thras Moraitis, Xstrata’s executive general manager of strategy.

“Our intention is to retain the rights of all South African shareholders,” he said in an interview in Johannesburg today. “That’s likely to mean a JSE listing.”

Anglo, which is based in London, on June 22 rejected Xstrata’s 21.2 billion-pound ($34.1 billion) merger offer as “totally unacceptable.” Xstrata is still pursuing talks about a possible combination and said it expects Anglo shareholders to “encourage” the company to examine the possibility.

A change of Anglo chairman could be the catalyst for talks between the companies, Moraitis said. Anglo Chairman Mark Moody- Stuart said on April 15 that the board aims to identify his successor within the next 12 months.

Any new chairman would come into the job aware of Xstrata’s proposal, and “will have to consult with his or her shareholders and board and so on,” Moraitis said. “There is a possibility that a new chairman could change the tone of this conversation.”

British American Tobacco Plc Chairman Jan de Plessis took over as chairman of Rio Tinto Group on April 20, and changed “the whole tone” of its relationship with suitor BHP Billiton Plc, Moraitis said. “They did a deal within weeks.”

Reduce Costs

Zug, Switzerland-based Xstrata said on June 24 that a merger with Anglo would save more than $1 billion annually by the third full year after the deal. Earlier this year, Anglo accelerated a plan to cut $2 billion of annual costs by 2011.

“We are a very patient company, we’ve spoken to them a number of times about this over three years or so,” Moraitis said. “We will take our time.”

The combined business would have sales of more than $54 billion based on 2008 figures, almost matching those of London- based Rio Tinto, the world’s third-biggest mining company. Melbourne-based BHP had sales of $63.7 billion last year.

Anglo controls Anglo Platinum Ltd., the world’s biggest producer of the metal, and owns a 45 percent stake in De Beers, the largest diamond company. It also has copper, coal, zinc and other mines in 45 countries.

To contact the reporter on this story: Carli Lourens in Johannesburg at clourens@bloomberg.net

Last Updated: July 8, 2009 08:33 EDT