Duncan Wanblad took the helm of Anglo American in mid-2022 just as the South African miner reached a record market capitalisation of more than £50bn. Two years later, its larger rival BHP is offering to buy it for £20bn less.
The unsolicited move on Anglo — which it rebuffed on Friday as “highly unattractive” — comes at a moment of vulnerability for one of the largest FTSE 100 companies, whose byzantine corporate structure and conservative culture have been misfiring since Wanblad became chief executive.
In December the 107-year-old group suffered its worst one-day share price fall since 2008 after revising down its copper production forecast by 20 per cent. The metal was supposed to be a key growth engine — and predators took notice.
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