Anglo American (AAUK) Looking to Sell Brazilian Ore Assets
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According to an FT article, London-based mining giant, Anglo American (Nasdaq: AAUK) is searching for a buyer of MMX Minas-Rio, its Brazilian ore miner. The move is being viewed as a defensive step following Xstrata's £40 billion merger proposal, a deal which Anglo American has called "unattractive" and "totally unacceptable".
Sources have indicated that Anglo American has held talks with Gulf Industrial Investment Company and Sojitz, a Japanese conglomerate.
Besides the divestiture, management also has several other steps aimed at strengthening its case against the proposed tie-up: the replacement of its chairman, Mark Moody-Stuart and updates to shareholders that cost-cutting efforts are on course.
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