Anglo American's next board meeting is sure to be an interesting one as once again the miner is being dragged kicking and screaming into the murky world of M&A activity. Indian billionaire Anil Agarwal's audacious move to effectively rent almost 12% of the miners shares, and thereby have a hand in whatever direction the miner takes in future, comes with a lot of market speculation about just what his intentions are. A board seat will certainly be hard to come by, but I suspect that as a "shareholder" Agarwal will be an unwelcome insider. For three years, and without having to spend a cent of his own vast wealth, the Indian billionaire has reserved his seat in Anglo's world. To acquire (and I use this term loosely) his stake in the 100-year-old miner, Agarwal borrowed about $2-billion from bond investors through a three-year note paying interest of 4.125% a year. Effectively, you could say, he will be warehousing Anglo shares, and in that time he will be hoping some sort of deal is d...

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