Anglo looks to China to repel bid from rival Xstrata

Jun 29 2009 Western Mail MINING giant Anglo American is strengthening its defences against an unwanted merger approach from rival Xstrata by planning talks over a Chinese investment. Anglo, which last week rebuffed the tie-up advances and branded the terms of the £42bn deal “totally unacceptable”, is to open negotiations with Chinalco, China’s state-backed aluminium producer, The Sunday Telegraph reported. The talks are thought to centre on a partnership with the Chinese firm, along with at least one unidentified Middle Eastern investor, which would see hundreds of millions of dollars invested into Anglo’s Brazilian iron ore business. Negotiations are said to be at an early stage and there is understood to be no certainty that a deal will be reached. Meanwhile, National Grid chairman Sir John Parker was linked with taking on... [read full story]                    

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