Investors in Anglo American, its management and others might well be pondering “what was that all about” after Indian billionaire Anil Agarwal unexpectedly terminated his association with the diversified mining company.

Agarwal caught Anglo and the market unawares when, through his family-owned company Volcan, he acquired a nearly 20% stake in the miner, giving him the single-largest shareholding in the company and prompting speculation about what he intended to do with it.

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