Anglo American rebuffs merger interest from India's mining and metals tycoon - rpt - CNBC Africa

Anglo American rebuffs merger interest from India's mining and metals tycoon - rpt

Financial

by Reuters 0

Anglo American cuts it's net debt to 11.7 bln dollars. Photo: Wikipedia.

(Reuters) - Anglo American Plc has rebuffed informal approaches by Indian mining and metals tycoon Anil Agarwal, Bloomberg reported, citing people familiar with the matter.

Agarwal, who has majority control of Hindustan Zinc Ltd through Vedanta Ltd, contacted Anglo to discuss potential ideas including a combination with the Indian zinc miner, Bloomberg reported. (bloom.bg/2aNIASf)

Vedanta sweetened its offer to take over subsidiary Cairn India Ltd last week, after an initial bid had been stymied for a year.

Vedanta Ltd and Hindustan Zinc were not immediately available for comment.

Anglo American declined to comment

Meanwhile Anglo American cut its net debt to $11.7 billion by the end of June from $12.9 billion at the end of December, it said on Thursday.

The miner has previously said it is seeking to sell $3 billion to $4 billion of assets in 2016, including its iron ore, coal and nickel units. So far it has agreed asset sales worth $1.5 billion.

"The decisive actions we have taken to strengthen the balance sheet put us well on track to achieve our net debt target of less than $10 billion at the end of 2016," Chief Executive Mark Cutifani said in an interim results statement.

 

(Reporting by Barbara Lewis and Mamidipudi Soumithri; editing by Susan Thomas)

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