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10 Jul 2009 08:30
Anglo American, which has rebuffed a merger approach from rival Xstrata, has appointed veteran industrialist John Parker as chairperson.
Anglo, which owns the world’s biggest platinum producer, said on Friday Parker would join the board immediately and take up the post held by retiring Mark Moody-Stuart on August 1.
Parker is chairperson of National Grid and also co-chairman of paper and packaging group Mondi.
Mondi, part of Anglo until demerged two years ago, said Parker would step down as chairperson, but stay on until a successor was found.
Analysts have said a new chairperson might be more inclined to open talks with Xstrata about its “merger of equals” proposal, which Anglo rejected as lacking value.
“Anglo American has many great strengths, including a portfolio of high quality mining assets, an impressive growth profile, substantial and well advanced efficiency programmes and a unique position in precious commodities,” Parker said in a statement.
Media reports have said some Anglo shareholders believe Xstrata’s management could do better at running the group. - Reuters
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