Change is afoot at Anglo America... According to the Telegraph, the company is reported this weekend to be buidling its defences against a £41bn merger approach from Xstrata by plotting talks about a major Chinese investment and reigniting efforts to parachute Sir John Parker, chairman of National Grid, in as its new chairman.
Anglo, which last week rebuffed a proposal from Xstrata to consider a merger of equals, is to open talks with Chinalco, the state-owned Chinese aluminium producer, and at least one unidentified Middle Eastern investor about a partnership that could see it inject hundreds of millions of dollars into MMX, Anglo's Brazilian iron ore business. The negotiations are at an early stage and there is no certainty that a deal will be reached, according to people close to the situation.
According to the Sunday Times, a clutch of senior City figures have been approached to become the chairman of Angelo American. Jim Leng, who recently stepped down as chairman of Rio Tinto after a board row, has been put forward as a potential candidate to succeed Sir Mark Moody-Stuart, who has already announced his intention to step back.
http://business.timesonline.co.uk/tol/business/columnists/article6591289.ece
Cynthia Carroll, Anglo's chief executive, is determined to preserve Anglo's independence and dismissed the approach from Mick Davis, her deal-hungry opposite number at Xstrata, after a five-hour board meeting last week.
