Deals
Agarwal Plans to Keep His Anglo American Stake for a Long Time
- Anglo shares have rallied almost 40 percent over the past year
- Agarwal says he’s not pursuing a merger with Vedanta for now
Anil Agarwal
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Anil Agarwal, the Indian commodities billionaire, said the rally in Anglo American Plc vindicated his personal bet in the mining group, adding that he plans to own the shares for a long time.
Agarwal surprised Anglo’s management last year when he took a 21 percent stake in the company, becoming its top shareholder. The structure of the purchase, done via a mandatory exchange bond issued by a family company, effectively means he rents the shares until the bond matures in 2020.