Anglo American’s JSE-listed shares fell 4.9% on Friday morning after Indian billionaire Anil Agarwal, once the miner’s biggest shareholder, said he will exit his stake.

Volcan Investments, Agarwal’s holding company, will unwind the position by calling an exchangeable bond, part of an unusual structure that effectively gave him the shares on loan. Cairn India, an offshore unit of Vedanta, said separately that it ended a structured investment in Anglo agreed with Volcan in December that netted a gain of about $100m in the eight-month period it was held...

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