MINING giant Anglo American is is said to be opening negotiations with Chinalco, China's state-backed aluminium producer, as part of its defence against an unwanted merger approach from rival Xstrata, according to reports. Anglo last week rebuffed the tie-up advances and branded the terms of the £42bn deal `totally unacceptable'. 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 the same role at Anglo, as the firm... [read full story]
