more-inIndian billionaire Anil Agarwal said he was buying a £2 billion ($2.45 billion) stake in Anglo American, sending the global miner’s shares sharply higher and signalling a possible return to large-scale dealmaking in the sector. Anglo American, which has a market value of around £16.75 billion ($20.55 billion), refused to comment. Agarwal’s announcement said neither Volcan nor Vedanta intended to make an offer for Anglo American. Christopher LaFemina, analyst at Jefferies, said the mining sector, which spent last year putting its balance sheets in order, might be making an early return to M&A activity. “Our expectation has been that the mining sector recovery would comprise three separate phases,” Mr. LaFemina said, referring to balance sheet recovery, then improved cash flow and finally M&A.

Source: The Hindu March 16, 2017 17:40 UTC