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.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines