London-listed group sells holding as it pushes ahead with radical plans to streamline business
Anglo American has agreed to sell its stake in an Australian coal mining joint venture for AS$1.6bn as chief executive Duncan Wanblad pushes ahead with radical plans to streamline the business. The London-listed mining company will sell its 33.3 per cent stake in Jellinbah Group to Zashvin, the Australian power generation operator that already owns a third of the venture alongside Marubeni Corporation, the Japanese trading and investment business.
Speaking at the Joburg Indaba mining conference in October, Wanblad said the restructuring would make Anglo a “very viable, standalone company”, rebuffing suggestions that its copper focus would make it vulnerable to suitors. However, speculation continues about whether BHP will return to make another bid. Under UK takeover regulations, it is allowed to make a fresh approach after a six-month period that ends on November 29.
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