Anglo American chief not going for any major corporate split
Less than a week after Anglo American (LON:AAL) boss Mark Cutifani told The Wall Street Journal he was “very open” to takeover offers, he has announced that a big corporate break-up à la BHP Billiton (ASX:BHP) is definitively not in his books.
Anglo’s chief, who has been implementing drastic cost-cutting measures for a bit over a year, is already in the process of getting rid of six of the group’s South African platinum mines.
The miner also struck a deal with building materials supplier Lafarge to sell its 50% stake in their Lafarge-Tarmac joint venture, for US$1.5 billion.
Among other assets that could be sold are a stake in its Quellaveco copper project in Peru, but analysts agree the company is more likely to try finding a partner to go ahead with mine construction.
Anglo American, for now still the largest platinum producer, also controls copper, coal, iron ore, nickel and diamond mines and has a market value of about $36 billion.