Anglo May Pay $5.5 Billion for MMX Iron-Ore Assets |
| Bloomberg - Jan 17, 2008 |
Anglo American Plc, the world's second-largest mining company, may pay $5.5 billion for assets from Brazilian iron-ore producer MMX Mineracao e Metalicos SA to help it supply the needs of China's booming economy.
Anglo is in discussions with Eike Batista, the controlling shareholder in Rio de Janeiro-based MMX, Anglo said today in a statement distributed by the Regulatory News Service. A new company, in which Batista currently has a 64 percent stake, will be demerged from MMX and acquired by Anglo for $361.25 a share, London-based Anglo said.
The acquisition underscores Anglo's strategy to cut its dependence on precious metals and focus on industrial commodities needed by China, the world's fastest-growing major economy. Cynthia Carroll, who became Anglo's chief executive officer in March, has sold gold, steel and paper assets and expanded in copper and iron ore to better compete with BHP Billiton Ltd., the world's largest miner.
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- Posted: 2008-01-17 09:53:06
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