Legal & General Investment Management, one of Anglo American’s largest shareholders, has come out in support of the miner’s break-up plan as BHP has just two days to either raise its takeover bid or walk away.
London-listed Anglo said last week that it would break itself up as it tried to convince shareholders that it had an attractive future as a standalone group after rejecting two offers from BHP.
Under the radical plan, Anglo would hive off its De Beers diamond and South Africa-based Anglo American Platinum businesses as well as its coking coal assets. The group would instead focus largely on its iron ore and copper assets, which are coveted by BHP.