Anglo shares up on report firm open to bids

Comment on this story
Mark Cutifani0--Anglo Independent Newspapers. Anglo American chief executive Mark Cutifani. Photo: Leon Nicholas.

London - Shares in global miner Anglo American rose almost 3 percent on Tuesday after Dow Jones reported that the company chief executive said he was open to a takeover approach.

Anglo American chief executive Mark Cutifani has flagged cost-cutting measures and asset sales to turn around the smallest of the leading diversified miners, shares of which have lagged those of its peers for years, but it remains a potential takeover target for its bigger rivals.

“Our job is to do a good job with the business, and at the end of the day, if somebody sees value, then there's a conversation to be had ... I'm not anti. I'm very open. I'm not scared by it,” Cutifani was quoted as saying by Dow Jones.

However, he added that such a deal is “not what we're setting this business up for”.

Former Anglo chief executive Cynthia Carroll rejected a 2013 approach by Xstrata, which was taken over by miner and commodities trader Glencore last year, since when there has been repeated speculation about a possible Glencore bid.

Anglo American shares rose almost 3 percent to a session high of 15.89 pounds before easing to 15.61 pounds. - Reuters

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.