Unlock the Editor’s Digest for free
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Anglo American is planning to break itself up after the mining group rejected a £34bn takeover bid from rival BHP.
In a statement on Tuesday, the miner said it would split off its De Beers diamond business, its Anglo American Platinum operation and its steelmaking coal assets. The group plans to focus on its copper, iron ore and crop nutrients businesses.
Chief executive Duncan Wanblad said: “Our decision to focus Anglo American’s portfolio in our world-class resource asset base in copper and premium iron ore — while retaining our crop nutrients optionality at Woodsmith — marks a major new phase in executing our strategy.
“We expect that a radically simpler business will deliver sustainable incremental value creation through a step change in operational performance and cost reduction.”
This is a developing story
