Anglo American Seeking China Deal, Report Says

Anglo American is building its defenses against a 41 billion pound ($67.74 billion) merger approach from Xstrata by plotting talks about a major Chinese investment, The Sunday Telegraph reported. The newspaper also said Anglo American had reignited plans to appoint Sir John Parker as chairman and had made an attempt to recruit him in recent days. The report said Anglo, which rebuffed a proposal from Xstrata to consider a merger of equals, is to open talks with Aluminum Corp of China , or Chinalco as it’s known, and an unidentified Middle Eastern investor about a partnership to inject hundreds of millions of dollars into MMX, its Brazilian iron ore business. The Financial Times reported that the company had held informal talks with Gulf Industrial Investment Company, a Bahrain iron oxide pellet producer,... [read full story]                    

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