Indian billionaire Agarwal to buy bigger stake in Anglo American

Indian billionaire Agarwal to buy bigger stake in Anglo American”

Anil Agarwal, the Indian billionaire who earlier this year made a surprise £2bn investment in Anglo American, looks set to tighten his grip on the London-based miner, revealing plans to buy up to a further £1.5bn in shares.

Volcan, Agarwal's family trust, said it would acquire an additional £1.25bn to £1.5bn worth of Anglo shares, which would make the Indian tycoon the miner's biggest shareholder. Prior to the new offer, Volcan has voting rights in Anglo of 12.43%.

The move could give Agarwal a commanding voice at Anglo American, the world's fifth-largest miner by market value, which the businessman described earlier this year as "a great company with excellent assets and a strong board and management team who are executing a focused strategy".

Anglo American previous year rebuffed a takeover approach from Mr Agarwal, who was seeking to combine the business with Hindustan Zinc, the Indian miner he controls through FTSE 250-listed Vedanta Resources.

The share purchase, expected to take his stake to about 20 per cent, is a personal investment made by the family, a statement from Volcan said.

Following a recovery on the commodity markets, Anglo American's shares have risen by more than 11 percent this year, building on a almost 300 percent rally last year, which led gains on the London stock market.

Volcan intends to finance the investment through the issuance by its subsidiary Volcan Holdings II PLC of a mandatory exchangeable bond, led by JP Morgan as sole bookrunner, on or around October 10 that will be secured by Anglo American shares.

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