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Anglo Sells Chile Unit Stake in ‘Bold’ Bid to Thwart Codelco

Anglo American Plc., part owner of the world’s biggest platinum and diamond producers, moved to block Codelco from acquiring 49 percent of its Chilean copper unit by selling a stake to Mitsubishi Corp. for $5.39 billion.

The deal would cut by half the holding state-owned Codelco can buy in Anglo American Sur SA after Japan’s largest trading company became a 24.5 percent shareholder, Anglo Chief Executive Officer Cynthia Carroll said on a conference call yesterday.