Elliott Investment Management, a US-based activist investor, has acquired a $1bn (£798.32m) stake in British mining company Anglo American.
In a recent filing, Elliott revealed that its total interests in Anglo American amount to almost 2.5%.
The latest move comes shortly after Anglo American’s rejection of a buyout proposal from BHP Group.
Elliott’s history of active investment strategies includes building a roughly 5% stake in BHP in 2017.
The company advocated for BHP to divest its oil business, end its dual listing and enhance shareholder returns. Elliott’s opposition also extended to BHP’s venture into the fertiliser market with the Jansen potash project in Canada, reported Reuters.
In addition to its stake in Anglo American, Elliott holds a minor interest in BHP, as indicated by another filing. The investment company also maintains total short positions of around 0.1% in the Australian mining company.
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
According to UK takeover regulations, shareholders with more than a 1% holding in companies involved in potential deals must disclose their stakes in both the target and bidding entities.
Last week, Anglo American turned down BHP’s $38.8bn unsolicited takeover bid, citing its complexity and execution risks.
The London-listed miner also said that the proposal significantly undervalues the business as well as its future prospects.
BHP’s conditions for the acquisition included Anglo American distributing its interests in South Africa’s Anglo American Platinum and Kumba Iron Ore to its shareholders.
Meanwhile, Reuters recently reported, citing a source, that BHP is weighing a revised bid for Anglo American and could come up with an improved offer in the coming weeks.
