Anglo American CEO defends divestment plan after failed takeover attempt

seekingalpha09-27

Anglo American (OTCQX:AAUKF) (OTCQX:NGLOY) plans to complete the divestment of several of its assets, including diamonds and platinum group metals, by the end of next year, CEO Duncan Wanblad said ...

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The company intends to demerge Anglo American Platinum and demerge or divest De Beers, as it does not have the capacity to develop so many diverse commodities across its portfolio, Wanblad said. Anglo's (OTCQX:AAUKF) (OTCQX:NGLOY) valuation remains held down by several of its businesses, which have been undervalued by the market, the CEO said. When asked about the company as a takeover target, \"We're setting ourselves up for being the greatest mining business in the industry,\" Wanblad said, but \"to the extent that it ever becomes a takeover target, have at it - but pay the right number.\" Anglo (OTCQX:AAUKF) (OTCQX:NGLOY) shares have slumped 12% since BHP made its takeover offer in April, although rivals also have dropped as commodity prices fell. 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