Agarwal doubles down on costly bid for Anglo influence
Anil Agarwal, founder of mining group Vedanta Resources, has managed to surprise the stockmarket with the same trick twice. But as Jon Hay and Aidan Gregory write, his intentions in buying another £1.5bn of shares in Anglo American are anything but clear, and he is paying a high price for influence.
On Wednesday night, Agarwal’s family trust Volcan Investments launched a £1.5bn bond, mandatorily exchangeable into shares of Anglo American, the South African mining company.As before, JP Morgan was the sole bookrunner. The deal more or less guarantees that JP Morgan, already $1bn ahead of Morgan Stanley, will end ...
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