Oppenheimers halve Anglo stake
The sell-down by E Oppenheimer & Son, the Oppenheimer family’s investment vehicle, comes just months before Anil Agarwal’s move on Anglo
E Oppenheimer & Son (EO&S), the Oppenheimer family’s investment vehicle, sold half its shares in Anglo American in the December quarter, bringing its holding in the group to 0.9% from 1.8%. The sell-down occurred only months before last Thursday’s announcement from Volcan Investments, the family trust of Vedanta founder Anil Agarwal, that it would take a 13% stake in Anglo via a bond underpinned by Anglo shares, partly bought on the open market and mainly borrowed from institutions. The last time EO&S sold Anglo shares was in December 2010, when it reduced its stake from 27.3-million shares to 25.2-million. The entity now holds 12.6-million shares. Although it is not known exactly when the sale took place, Anglo’s shares ranged between a low of R149 and a high of R218 in the September quarter. If EO&S sold at the midpoint of about R185, it would have realised about R2.3bn. James Teeger, the MD of EO&S, said the motivation for the Anglo sale was driven by valuation considerations. Bu...
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