Miner Anglo American seeks to sell Brazilian assets: report
LONDON - London-based miner Anglo American is exploring the sale of Brazilian assets as the group seeks to strengthen its defences against a merger proposal from Swiss rival Xstrata, the FT said on Monday.
The Financial Times, which did not name its source, said Anglo had informal discussions about the sale of up to 30 percent of Brazilian iron ore division MMX Minas-Rio, which it bought last year for 3.5 billion dollars.
Anglo has held talks with Bahrain’s Gulf Industrial Investment Company and Japan’s Sojitz conglomerate, according to the daily business newspaper.
In addition, the paper reported that Anglo American was looking for a new chairman to replace Mark Moody-Stewart.
Last week, Anglo rejected a merger proposal from Xstrata, snubbing a move which could have forged the two into one of the world’s biggest miners.
The potential tie-up was the latest sign of consolidation pressure in the sector after the collapse of a deal by Rio Tinto with China.
-Sapa-AFP
Ex Sainsbury man joins Anglo American
JOHANNESBURG - Former Sainsbury chairman Sir Philip Hampton has joined Anglo American’s board as a non-executive director.
Xstrata's proposal not in interests of our shareholders: Anglo
JOHANNESBURG - A takeover of Anglo American by Xstrata would not be in the interests of the former’s stakeholders.
Anglo American says sells stake in S.African sugar producer
LONDON - Global mining giant Anglo American on Thursday said it had sold its 49.5-percent stake in South African sugar producer Tongaat Hulett for 523 million US dollars (367 million euros) to unnamed investors.
AngloGold Ashanti reports jump in earnings
JOHANNESBURG - AngloGold Ashanti reported a jump in earnings on both higher production and the gold price when it released its second quarter earnings on Friday.
Anglo American's profits plummet
JOHANNESBURG - Mining giant Anglo American reported plummeting profits as it released its results for the first half of the year on Friday.
More related articles...