Anglo shares up on report firm open to bids

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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



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