MINING GIANT
The update followed yet another approach from peer BHP, with Anglo's board rejecting the £34bn approach.
However, investors had cast doubt on Anglo's ability to turn an underperforming share price around with what had become a complex business.
Yesterday, boss
"We expect that a radically simpler business will deliver sustainable incremental value creation through a step change in operational performance and cost reduction," Wanblad added.
De Beers will be carved off - with some speculation last night the business could be spun off via a London IPO - and Anglo will also demerge its platinum, nickel and steelmaking coal divisions.
The diamond business was founded in 1888 by
Anglo's share price has slipped more than 3 per cent as investors digested the implications stemmed from it.
Top-10
"The plan creates a longer term way of shrinking and right-sizing the Anglo portfolio, which means it might be interesting for a lot of different mining houses in 12 months time or 18 months time,"
"There could be other bidders if it's a smaller, more digestible entity."
BHP has until
(c) 2024 City A.M., source