socialmedian: Anglo American to sell Tarmac and other assets after failed Xstrata bid

Add News Flash

User-submitted headlines for this story

Clips

Anglo American to sell Tarmac and other assets after failed Xstrata bid

Source: The Guardian

Oct 22, 2009

Summary

City welcomes switch of focus to core mining activities as group aims for 25% cut in overheads

Tarmac, a leading supplier of building materials, is up for sale again as part of a new shake-up at mining group Anglo American in the wake of last week's failed merger moves by rival Xstrata.

The British aggregates specialist is to be hived off, together with steel producer, Scaw Metals, Brazilian phosphate miner Copebras and other businesses considered "non-core" by Anglo. "The changes are the logical next step in focusing the group on our core mining activities," said chief executive Cynthia Carroll.

The restructuring is seen by the City as a clear attempt to streamline Anglo ahead of any further takeover moves by Xstrata, which can come only after a six-month interval as dictated by regulators. Shares in Anglo rose 16p to 2292p in a falling market.

The disposals are also seen as an effort by Sir John Parker, who has just taken over as chairman from Sir Mark Moody-Stuart, to make his mark on the Johannesburg-based group. Parker was known to be keen to see an improvem

...Read the full article

Comments (0)

Add Your Comment