Quick sale: Anglo American wants to offload its coking coal business for £4.75bn
Anglo American is considering a quick sale of its coking coal business as it tries to convince investors that its radical restructuring is working.
The London-listed mining giant, which has rejected two bids from BHP worth £31bn and £34bn, this week revealed plans to split the company to fend off takeover interests.
The Mail understands that it believes it will reach a deal to sell the coking coal division for up to £4.75bn, having already received interest.
Glencore is said to be a potential buyer. Bosses hope a quick sale will convince shareholders they are the right people to take Anglo forward amid interest from BHP.
It also plans to spin off its De Beers diamond business – possibly through a listing on the London stock exchange – and its platinum division in South Africa.
But BHP boss Mike Henry is holding talks with Anglo shareholders as he tries to take control.
He met with BHP and Anglo investors at an industry conference in Miami to drum up support by talking about the merits of BHP’s bid.
BHP has until May 22 to improve its offer, make a hostile bid or withdraw for at least six months.
Henry has told Anglo shareholders that they must decide “which team they believe is more capable and has a better track record of execution.”
“At the end of the day, it will depend on the shareholders,” said the Canadian businessman.
‘They have to look at the plans and decide which one they think will create the most value as soon as possible. And they have to make a decision about the likelihood of executing those plans.”
