Indian billionaire Anil Agarwal to boost his Anglo share
Anglo American will soon have a new dominant shareholder after Indian billionaire Anil Agarwal’s family owned Volcan Investments said it would top up its 12.43% holding in the diversified miner by a further £1.25bn to £1.5bn. At prevailing prices this would take Volcan’s stake to 20%, but the company, which is issuing a bond to pay for the shares, insisted this was not a takeover play for the miner of platinum, diamonds, copper and bulk commodities such as iron ore, coal and manganese. "In relation to the UK takeover code, Volcan confirms it does not intend to make an offer to acquire Anglo American plc. Accordingly, Volcan and all persons acting in concert with Volcan, including Vedanta Resources plc, will be bound by the restrictions in rule 2.8 of the code," Volcan said in a statement on Wednesday evening. Under UK laws, a share holding of 30% triggers a takeover offer Anglo declined any comment on the latest announcement from Volcan. Volcan’s wholly owned subsidiary, Volcan Hold...
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