Listen to this article
Indian billionaire Anil Agarwal completed his purchase of Anglo American shares, buying 11.44 per cent of the mining company, it said Thursday.
The announcement comes after Agarwal said last month he would buy as much as 12 per cent of the London-listed miner, worth £2bn. Anglo American is a larger rival to Agarwal’s Vedanta Resources.
His family vehicle, Volcan Holdings, bought 11.44 per cent of the shares, Anglo American said.
Shares in Anglo American have risen 0.82 per cent year-to-date and traded at £11.71 Thursday, giving the company a market cap of £16.38bn. They rose almost 300 per cent last year and were the best performer in the FTSE 100.
Agarwal said last month at the FT Global Commodities Summit that he had no plans to seek a seat on the board of Anglo-American and believed in its management. He offered to help the company expand in India.