London — As Anglo American’s board met at the lavish Vergelegen wine estate in Somerset West on Wednesday evening, as part of a centenary celebration, executives were blindsided by news headlines: Indian mining tycoon Anil Agarwal was becoming the biggest shareholder. After Anglo’s managers partied to honour the past, the company now faces an uncertain future. Agarwal is now in a position to push for major change, but his intentions are still secretive, leaving analysts to guess at the billionaire’s plans for the blue-chip mining institution. Agarwal said on Wednesday that he planned to spend as much as £1.5bn to increase his holding, lifting his total position to about 20%. The investor, who runs a mining empire including Vedanta Resources and Hindustan Zinc, said his interest in Anglo was a family investment and he did not intend to make a takeover offer. But the unusual structure of the deal suggests Agarwal won’t simply buy and hold. Agarwal amassed his stake in Anglo through a ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.