Deals
Top Anglo Investor Tells CEO to Resist Calls to Sell Shares
- Anglo fell the most in FTSE 100 last year, plunging 75 percent
- Schroders wrote to Anglo CEO Mark Cutifani in December letter
Mark Cutifani. Photographer: Daniel Acker/Bloomberg
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Schroders Plc, one of Anglo American Plc’s biggest investors, urged the board of the mining company to resist mounting pressure to tap shareholders for cash as commodity prices tumble.
"Anglo American is not in acute financial difficulty," Schroders wrote to Mark Cutifani, the chief executive officer of Anglo, in a Dec. 15 letter obtained by Bloomberg News. “Issuing new equity because this is what is demanded by sell side analysts or media commentary, however intense, is unlikely to be in the best interests of long-term shareholders.”