Deals
Anglo American’s Biggest Shareholder Wants Vote on Sale Plan
- PIC concerned sales would not realize full value of assets
- Public Investment Corp. oversees $123 billion of pension funds
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Anglo American Plc’s biggest shareholder, South Africa’s Public Investment Corp., will meet with the company next week to discuss whether its plan to sell more than half of its mines including local coal and iron-ore assets is the best option for the country.
The PIC, which owns about 14.5 percent of Anglo, wants the sale plan put to a shareholder vote because it’s concerned that selling mines after commodity prices plunged wouldn’t realize the full value of the assets, said Deon Botha, the Pretoria-based PIC’s head of corporate affairs. The PIC oversees South African government workers’ pension funds among the $123 billion in assets it holds.