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Anglo American 'rebuffs approach from Vedanta's Agarwal' Merger and acquisition activity in the mining industry could be showing a flicker of life after FTSE 100 giantAnglo American reportedly brushed off anapproach from kate spade store near me Vedanta Resources chairman Anil Agarwal, concluding that a combination of the two companies made little sense.
Mr Agarwal, the Indian billionaire behind the sprawling Vedanta conglomerate, made a number of informal approaches to the South African group earlier this yearto discuss potential tie ups, but talks were "quickly dismissed", according to Bloomberg, which first reported the matter. FTSE 250 listed Vedanta Resources specialises in zinc mining but also produces copper, iron ore, oil and gas. It recorded a pre tax loss of $4.98bn (3.45bn) for the year to March 31 as tumbling commodity prices took their toll. Vedanta's focus has been on cutting costs as it attempts to wrestle down its debt pile, which stood at $7.3bn in March. Anglo American has been tackling a debt pile of its own, selling off assets and cutting its dividend to bring its net debt down to $11.7bn in the first half of this year. Analysts identified a number of obstacles to a tie up between the two companies, not least that the Indian government owns a 30pc stake in Hindustan Zinc, a major subsidiary of Vedanta, and could block any potential tie up. Meanwhile Vedanta is attempting to complete the drawn out merger of two of its other subsidiaries, Vedanta Ltd and Cairn India, which was announced a year ago. Vedanta Ltd sweetened its offer for Cairn shareholders earlier this kate spade shoulder bag sale week. For its part, Anglo has stated it is committed to shrinking its business down to focus on copper, platinum and diamonds, while backing out of iron ore and kate spade discount dresses coal. Vedanta Resources hired former Anglo chief executive Cynthia Carroll last year to advise on strategy around"corporate development" and to pursue "significant value creation opportunities". Ms Carroll served as Anglo boss from 2007 to 2013 before being ousted over the company's troubled Minas Rio iron ore project and falling profits.
"[There's] little surprise that Anglo saw no merit in pursuing discussions but it is encouraging that M interest in the sector especially at this scale is starting to pick up," said analysts at Investec. "Most activity thus kate spade outlet melbourne far, outside of gold, has only been asset sales but we would see M activity as a clear signal that mining has moved into the buyterritory.".
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