Market report: Anglo climbs on talk of Vedanta tie-up
Mining giant Anglo American leapt ahead of its sinking rivals on reports that its top shareholder, Indian metals tycoon Anil Agarwal, is plotting an ambitious move to merge his Vedanta Resources and the FTSE 100 firm’s South African assets. Mr Agarwal is mulling a long-rumoured approach for part of the mining mammoth after snapping up the rest of Vedanta Resources, a report in the Indian media claimed. According to the rumours, Mr Agarwal would take Vedanta private, then acquire Anglo through a share swap before later listing the combined company. The bonds will be exchanged for either cash or Anglo shares in 2020, meaning that Mr Agarwal has until then to use his influence to force through a deal with Vedanta.