Volcan Holdings £2 billion acquisition of 13% of Anglo American

Overview:

• Indian billionaire Anil Agarwal, through trust Volcan Holdings, has acquired a 13% stake in Anglo American for £2 billion.
• According to Bloomberg, the deal will make Agarwal the second largest shareholder in the company after Public Investment Corporation.
• Agarwal attempted a full takeover in 2016 and planned to merge the company with Hindustan Zinc.
• The deal will be funded from the proceeds of an exchangeable bond issued by Volcan. JPMorgan acted as bookrunner.
• Anglo American is a mining company focusing on copper, diamonds and platinum with assets in Brazil, Chile and South Africa.

Sam Duke - Editor